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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-40495 Angel Oak Mortgage REIT, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

Filson explained that distributable earnings differed from GAAP results primarily due to the removal of unrealized gains and losses. In the fourth quarter, the difference was driven by removing $8.4 million of net unrealized gains from the securitized loan portfolio, partially offset by $4.0 million of unrealized losses from the residential loans and hedge portfolios. For the full year, the primary driver was removing $28.6 million of unrealized net gains on the securitized loan portfolio.Full-year GAAP net ...

分组1 - Angel Oak Mortgage (AOMR) reported quarterly earnings of $0.29 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, but down from $0.42 per share a year ago, representing an earnings surprise of +5.46% [1] - The company posted revenues of $39.03 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.47%, and up from $31.87 million year-over-year [2] - Over the last four quarters, Angel Oak has surpassed consensus EPS estimates only once and has topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 3.1% since the beginning of the year compared to the S&P 500's gain of 0.7% [3] - The current consensus EPS estimate for the coming quarter is $0.31 on revenues of $39.8 million, and for the current fiscal year, it is $1.31 on revenues of $167.7 million [7] - The Zacks Industry Rank for REIT and Equity Trust is currently in the bottom 17% of over 250 Zacks industries, indicating potential challenges for the sector [8]

We believe HELOCs are an attractive and growing asset class and we expect to continue to invest in them, though we remain focused on our core strategy of acquiring and securitizing high-quality non-QM loans. We had a new warehouse credit facility in 2025, diversifying our lender base and continuing to optimize our funding mix to support high-quality loan purchases. Additionally, we completed our second issuance of senior unsecured notes, the capital from which was quickly deployed into accretive target asse ...

Angel Oak Mortgage REIT, Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results ATLANTA – February 25, 2026 -- Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the "Company," "we," and "our"), a leading real estate finance company focused on acquiring and investing in non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the year ended December 31, 2025. Fourth Quarter 2025 Highlights Fiscal Year 2025 Highlights Sreeni Prabhu, Chief Executive ...

Core Viewpoint - Angel Oak Mortgage REIT, Inc. reported its financial results for the fourth quarter and fiscal year 2025, highlighting growth in net interest income and net income, alongside a dividend declaration of $0.32 per share [1]. Financial Performance Fourth Quarter 2025 Highlights - Declared a dividend of $0.32 per share, payable on February 27, 2026, to stockholders of record as of February 20, 2026 [1]. - Distributable Earnings of $7.3 million, or $0.29 per diluted share [1]. - GAAP net income of $11.3 million, or $0.45 per diluted share [1]. - Net interest income of $10.9 million, an increase of 10% from Q4 2024 [1]. Fiscal Year 2025 Highlights - Economic book value of $12.70 per share, a decrease of 3.1% compared to December 31, 2024 [1]. - GAAP book value of $10.74 per share, an increase of 5.6% compared to December 31, 2024 [1]. - Distributable Earnings of $14.6 million, or $0.59 per diluted share [1]. - GAAP net income of $44.0 million, or $1.80 per diluted share [1]. - Net interest income of $41.1 million, an increase of 11% from FY 2024 [1]. Portfolio and Investment Activity - As of December 31, 2025, the weighted average interest rate of the residential whole loans portfolio was 7.38% [1]. - The Company purchased $861.8 million of newly-originated non-QM residential mortgage loans, second lien mortgage loans, and HELOCs, with a weighted average coupon of 7.79% and a weighted average combined loan-to-value ratio of 65.4% [1]. - Participated in four securitization transactions in 2025, contributing a total of $704 million of unpaid principal balance of residential mortgage loans [1]. Capital Markets Activity - Entered into a $200 million repurchase facility with a global investment bank in Q4 2025 [1]. - As of December 31, 2025, the Company had four loan financing lines allowing borrowings up to $1.3 billion, with approximately $219 million drawn [1]. Balance Sheet - As of December 31, 2025, the recourse debt to equity ratio was approximately 1.4x [1]. - Held residential mortgage whole loans with a fair value of $294.1 million [1]. - Total assets amounted to $2.7 billion, an increase of 22% compared to December 31, 2024 [1].

Group 1 - KBRA assigns preliminary ratings to ten classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2026-2 (AOMT 2026-2), a $272.8 million non-prime RMBS transaction [1] - The underlying collateral consists of 585 residential mortgages, with 52.1% classified as non-qualified mortgages (Non-QM) and 47.9% exempt from the Ability-to-Repay/Qualified Mortgage (ATR/QM) rule [1] - Angel Oak Mortgage Solutions and Emporium TPO are the largest originators, accounting for 24.8% and 10.1% of the pool respectively [1] Group 2 - KBRA's rating approach includes loan-level analysis through its Residential Asset Loss Model (REALM), third-party loan file due diligence, cash flow modeling analysis, and reviews of key transaction parties [1] - The transaction's legal structure and documentation were also assessed as part of the rating process [1] - The report provides access to ratings and relevant documents for further details [1]

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1][3] - The iREIT®+HOYA Capital service is designed for income-focused investing, providing opportunities for sustainable portfolio income, diversification, and inflation hedging [2][3] - The investment research covers various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions, aimed at helping investors achieve dependable monthly income [3]

Core Viewpoint - KBRA has assigned preliminary ratings to ten classes of mortgage-backed certificates from Angel Oak Mortgage Trust 2026-1, which is a $298.9 million non-prime RMBS transaction [1] Group 1: Transaction Details - The underlying collateral consists of 581 residential mortgages [1] - A significant concentration of loans is underwritten using alternative income documentation [1] Group 2: Loan Classification - 65.9% of the loans are classified as non-qualified mortgages (Non-QM) [1] - 34.1% of the loans are exempt from the Ability-to-Repay rule [1]