UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common stock, $0.01 par value AOMR New York Stock Exchange Smaller reporting company ☒ Emerging growth company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Common stock, $0.01 par value AOMR New York Stock Exchange Smaller reporting company ☒ Emerging growth company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ 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 A ...

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Angel Oak Mortgage REIT, Inc. (NYSE:AOMR) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Randy Chrisman - Chief Marketing Officer Sreeni Prabhu - Chief Executive Officer Brandon Filson - Chief Financial Officer Conference Call Participants Don Fandetti - Wells Fargo Operator Good morning, and welcome to the Angel Oak Mortgage REIT First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being r ...

Financial Performance - Angel Oak Mortgage REIT, Inc. reported a total revenue of $XX million for the fiscal year, reflecting a YY% increase compared to the previous year[1]. - Future guidance indicates a projected revenue growth of II% for the next fiscal year, driven by strategic acquisitions and market expansion[9]. Loan Portfolio and Acquisitions - The company acquired $ZZ million in non-QM loans during the year, contributing to a total loan portfolio of $AA billion, which represents a BB% growth year-over-year[2]. - The average loan-to-value (LTV) ratio for new loans issued was CC%, indicating a stable risk profile in the current market[3]. - The investment strategy focuses on credit-sensitive investments in newly-originated first lien non-QM loans, primarily sourced from Angel Oak Mortgage Lending[30]. - The company's portfolio strategy focuses on credit-sensitive investments in newly-originated first lien non-QM loans, primarily sourced from Angel Oak Mortgage Lending[38]. Distribution and Payout Strategy - The company anticipates a distribution of $DD per share for the upcoming quarter, maintaining a consistent payout strategy[4]. Market Expansion and Strategy - Angel Oak plans to expand its market presence by entering into new geographic regions, targeting an increase in market share by EE% over the next year[5]. - The management highlighted a focus on securitization transactions, with expectations to execute deals worth $GG million in the next fiscal period[7]. - The company is exploring potential merger and acquisition opportunities to enhance its asset base and diversify its investment portfolio[10]. Risk Management and Financial Strategy - The company reported a decrease in default rates to HH%, reflecting improved borrower performance and risk management strategies[8]. - The company may utilize various derivative instruments and hedging strategies to mitigate interest rate and credit risks[31]. - The company faces risks from adverse financial market conditions, interest rate volatility, and changes in governmental regulations[7]. - The company is subject to risks related to the performance and liquidity of borrowers, as well as potential increases in default rates on investments[6]. Asset Management and Structure - As of December 31, 2022, the company had total assets of approximately $2.9 billion, primarily consisting of a portfolio of non-QM loans and other target assets[38]. - The financing strategy includes using loan financing lines for acquiring mortgage loans and securing long-term securitization funding[39]. - The company employs a flexible leverage strategy, which may vary based on market conditions and portfolio characteristics[41]. - The company employs short-term repurchase facilities to borrow against U.S. Treasury Securities and other securities in accordance with its investment guidelines[40]. Regulatory Compliance - The company intends to maintain its qualification as a REIT under the Internal Revenue Code and avoid regulation as an investment company under the Investment Company Act[28]. - The investment guidelines prohibit investments that would jeopardize REIT qualification or trigger investment company regulation[32]. - The company's strategy is adaptable to changing market environments while maintaining REIT qualification and exclusion from investment company regulation[36]. Competition and Market Environment - The company competes with various institutional investors, including other REITs and specialty finance companies, which may affect investment opportunities[42]. - Changes in the financial regulatory regime could allow banks and other financial institutions to compete for previously unavailable investment opportunities[43]. Company Structure and Operations - The company has no employees; all executive officers and personnel are employees of its external manager[44]. - The company commenced operations in September 2018 and completed its IPO on June 21, 2021, trading on the NYSE under the symbol "AOMR"[27]. - The company has elected to be taxed as a REIT for U.S. federal income tax purposes since the taxable year ended December 31, 2019[28]. - The company has participated in nine rated securitization transactions since its operations began in September 2018[38]. - The investment guidelines may be amended by the Board of Directors without prior notice to stockholders[35].

Angel Oak Mortgage, Inc. Fourth Quarter and Fiscal Year 2022 Earnings Supplement Important Notices References in this presentation to "we," "us," "our," "AOMR" and the "Company" refer toAngel Oak Mortgage, Inc., a Maryland corporation, its operating partnership and their subsidiaries; the term "Manager" refers to Falcons I, LLC, our external manager; the term "Añgel Oak Capital" refers to Añgel Oak Capital Advisors, LLC; the term "Añgel Oak refers collectively to Angel Oak Mortgage Solutions, Angel Oak Home ...

Angel Oak Mortgage, Inc. (NYSE:AOMR) Q4 2022 Earnings Conference Call March 9, 2023 8:30 AM ET Company Participants Randy Chrisman - Chief Marketing and Corporate Investor Relations Officer Sreeni Prabhu - CEO Brandon Filson - CFO Namit Sinha - Co-Chief Investment Officer Conference Call Participants Chris Kotowski - Oppenheimer Don Fandetti - Wells Fargo Matthew Howlett - B. Riley Operator Greetings and welcome to Angel Oak Mortgage Fourth Quarter Earnings Call. At this time all participants are in a liste ...

Angel Oak Mortgage, Inc. (NYSE:AOMR) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET Company Participants Randy Chrisman - Chief Marketing and Corporate Investor Relations Officer Sreeni Prabhu - Chief Executive Officer Brandon Filson - Chief Financial Officer Namit Sinha - Co-Chief Investment Officer Conference Call Participants Donald Fandetti - Wells Fargo Matthew Howlett - B. Riley Derek Hewett - Bank of America Operator Greetings and welcome to Angel Oak Mortgage Third Quarter Earnings Con ...

Financial Data and Key Metrics Changes - For Q2 2022, the company reported a GAAP net loss of $52.1 million or $2.13 per common share, while distributable earnings were $22.8 million or $0.90 per common share, with a Q2 annualized distributable return on average equity of 23.1% [15][16] - The target asset portfolio increased from $2.7 billion to $3.2 billion, representing a 19% increase [15] - Interest income for the quarter was $29.7 million, a 10% quarter-over-quarter increase [15] - GAAP book value per share decreased to $14.73 from $16.80, a 12.3% decline due to unrealized mark-to-market losses [16] - Economic book value was $16.05 per share, down 8.8% from $17.61 [16] Business Line Data and Key Metrics Changes - The weighted average coupon of loans in the portfolio increased from 4.52% to 4.68% from the end of Q1 to the end of Q2, with new loan purchases in June and July showing coupons of 6.46% and 6.93% respectively [17] - The company purchased $257 million of non-agency mortgages during the quarter [17] Market Data and Key Metrics Changes - The company faced a volatile fixed income market with significant downward pricing pressure on mark-to-market assets, partially offset by an interest rate hedging strategy [10] - The securitization market was extremely limited, but the company successfully executed a $185 million securitization in July [18][19] Company Strategy and Development Direction - The company remains aligned with the Angel Oak Ecosystem, focusing on high-quality non-QM mortgage loans and programmatic securitization to lock in fixed funding costs [8][9] - The management emphasized the importance of strong underwriting and sound liquidity management to navigate market volatility [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising interest rates and market dislocation but expressed confidence in the company's ability to adapt and capitalize on opportunities [7][11] - The company aims to continue executing at least one securitization per quarter while monitoring market conditions closely [20] Other Important Information - The company declared a second quarter 2022 dividend of $0.45 per common share, payable on August 31, 2022 [14] - The company repurchased approximately 190,000 common shares for about $3 million through its stock repurchase plan [23] Q&A Session Summary Question: How is the company managing its cash position and future securitizations? - Management is closely monitoring cash and unencumbered assets, indicating a balanced approach to liquidity management while preparing for potential securitization opportunities [28][29] Question: What is the rationale behind the recent securitization structure? - The weighted average cost of funding for the recent securitization was 5.8%, with the average coupon on the loan pool at 5.22%, reflecting the pricing dynamics in the current market [33][34] Question: How does the new economic book value measure differ from GAAP book value? - The economic book value accounts for the fair value of securitization obligations, providing a clearer picture of the company's current value in a rising rate environment [36] Question: What is the company's strategy regarding acquisitions in the current market? - The company is looking to capitalize on high-return loans while maintaining discipline in managing existing securitization pipelines, indicating a cautious yet opportunistic approach [46][47] Question: How is the company positioned in the non-QM market amid industry challenges? - Management believes that the current challenges present an opportunity to increase market share, as some competitors are struggling, allowing the company to solidify its leadership position [44]