What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-04 compared with 2026-05-05 · 217 added, 136 removed, 536 unchanged (40% of the section changed)

3 unchanged sentences

(in thousands, except for share data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Residential mortgage loans - at fair value $ 438,790 $ 294,134

17 unchanged sentences

Interest payable 1,986 3,423

Income taxes payable — —

Management fee payable to affiliate 856 663

2 unchanged sentences

Common stock, $ 0.01 par value.

As of March 31, 2026:

As of June 30, 2026:

350,000,000 shares authorized, 23,178,979 shares issued and outstanding.

10 unchanged sentences

(in thousands, except for share and per share data)

Three Months Ended

March 31, 2026 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

INTEREST INCOME, NET

14 unchanged sentences

Income tax expense (benefit) — — — —

NET INCOME (LOSS) $ 3,353 $ 767 $ ( 4,025 ) $ 21,298

NET INCOME (LOSS) ALLOCABLE TO COMMON STOCKHOLDERS $ 3,353 $ 767 $ ( 4,025 ) $ 21,298

10 unchanged sentences

(in thousands)

Three Months Ended March 31, 2026

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Stockholders' Equity

Stockholders' equity as of December 31, 2025 $ 249 $ 474,577 $ ( 1,314 ) $ ( 205,989 ) $ 267,523

Three Months Ended June 30, 2026

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings (Deficit) Total Stockholders’ Equity

Stockholder's equity as of March 31, 2026 $ 249 $ 475,000 $ 3,084 $ ( 221,431 ) $ 256,902

Issuance of common stock, net of expenses — — — — —

Repurchase of common stock ( 19 ) ( 14,981 ) — — ( 15,000 )

Dividends paid on common stock — — — ( 7,417 ) ( 7,417 )

— — — ( 7,973 ) ( 7,973 )

Dividends accrued on unvested performance shares — — — ( 90 ) ( 90 )

Dividends accrued on performance shares — — — ( 92 ) ( 92 )

Stock compensation — 423 — — 423

1 unchanged sentence

Net income (loss) — — — 3,353 3,353

Stockholders' equity as of June 30, 2026 $ 230 $ 460,442 $ ( 220 ) $ ( 225,587 ) $ 234,865

Three Months Ended June 30, 2025

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Deficit) Total Stockholders’ Equity

Stockholders’ equity as of March 31, 2025 $ 234 $ 461,294 $ ( 4,170 ) $ ( 205,878 ) $ 251,480

Three Months Ended March 31, 2025

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Income Retained Earnings Total Stockholders' Equity

Issuance of common stock, net of expenses 4 1,990 — — 1,994

Dividends paid on common stock — — — ( 7,605 ) ( 7,605 )

Dividends accrued on performance shares — — — ( 52 ) ( 52 )

Stock compensation — 296 — — 296

Unrealized gain (loss) on RMBS and CMBS — — ( 491 ) — ( 491 )

Net income (loss) — — — 767 767

Stockholders’ equity as of June 30, 2025 $ 238 $ 463,580 $ ( 4,661 ) $ ( 212,768 ) $ 246,389

The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.

Angel Oak Mortgage REIT, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(in thousands)

Six Months Ended June 30, 2026

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Deficit) Total Stockholders’ Equity

Stockholders’ equity as of December 31, 2025 $ 249 $ 474,577 $ ( 1,314 ) $ ( 205,989 ) $ 267,523

Issuance of common stock, net of expenses — — — — —

Repurchase of common stock ( 19 ) ( 14,981 ) — — ( 15,000 )

Dividends paid on common stock — — — ( 15,390 ) ( 15,390 )

— — — ( 7,520 ) ( 7,520 )

Dividends accrued on unvested performance shares — — — ( 40 ) ( 40 )

Dividends accrued on performance shares — — — ( 183 ) ( 183 )

Stock compensation — 846 — — 846

1 unchanged sentence

Net income (loss) — — — ( 4,025 ) ( 4,025 )

Stockholders' equity as of March 31, 2025 $ 234 $ 461,294 $ ( 4,170 ) $ ( 205,878 ) $ 251,480

(1) Dividends paid on common stock during the three months ended March 31, 2026 at $ 0.32 per share of common stock on February 27, 2026.

(2) Dividends paid on common stock during the three months ended March 31, 2025 at $ 0.32 per share of common stock on February 28, 2025.

Stockholders’ equity as of June 30, 2026 $ 230 $ 460,442 $ ( 220 ) $ ( 225,587 ) $ 234,865

Six Months Ended June 30, 2025

Common Stock at Par Additional Paid-in Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Deficit) Total Stockholders’ Equity

Stockholders’ equity as of December 31, 2024 $ 234 $ 461,057 $ ( 3,475 ) $ ( 218,849 ) $ 238,967

Issuance of common stock, net of expenses 4 1,990 — — 1,994

Dividends paid on common stock — — — ( 15,125 ) ( 15,125 )

Dividends accrued on performance shares — — — ( 92 ) ( 92 )

Stock compensation — 533 — — 533

Unrealized gain (loss) on RMBS and CMBS — — ( 1,186 ) — ( 1,186 )

Net income (loss) — — — 21,298 21,298

Stockholders’ equity as of June 30, 2025 $ 238 $ 463,580 $ ( 4,661 ) $ ( 212,768 ) $ 246,389

The accompanying Notes to the Condensed Consolidated Financial Statements are an integral part of this statement.

2 unchanged sentences

(in thousands)

Three Months Ended

March 31, 2026 March 31, 2025

Six Months Ended

June 30, 2026 June 30, 2025

CASH FLOWS FROM OPERATING ACTIVITIES

13 unchanged sentences

Sale of residential mortgage loans 3,075 1,279

Sale of residential mortgage loans into affiliate's securitization trust — 83,669

Principal payments on residential mortgage loans 18,205 13,190

1 unchanged sentence

Net change in:

TBA securities and interest rate futures contracts ( 487 ) ( 309 )

Margin (paid) received from interest rate futures contracts and TBAs 3,591 ( 4,389 )

Principal and interest receivable on residential mortgage loans ( 6,110 ) 1,305

3 unchanged sentences

Accrued expenses payable to affiliate ( 344 ) ( 373 )

Income tax payable — ( 2,622 )

Interest payable ( 1,437 ) 1,323

5 unchanged sentences

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of investments in whole pool agency RMBS, trading $ ( 198,191 ) $ ( 203,181 )

Sale of investments in whole pool agency RMBS, trading 198,589 201,994

Purchase of investment in U.S.

Purchases of investments in RMBS, available for sale $ — $ ( 8,079 )

Purchases of investments in RMBS, trading ( 327,549 ) ( 505,774 )

Sale of investments in RMBS, available for sale 28,483 —

Sale of investments in RMBS, trading 328,150 507,563

Purchase of investments in U.S.

Treasury securities — ( 74,939 )

Principal payments on RMBS and CMBS securities — 448

Maturities of U.S.

Treasury securities — 75,000

Principal payments on commercial mortgage loans 1,125 12

1 unchanged sentence

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuances of common stock, net of expenses $ — $ 1,994

Dividends paid to common stockholders ( 15,390 ) ( 15,125 )

Principal payments on non-recourse securitization obligation ( 188,408 ) ( 115,627 )

Cash paid for debt issuance costs — ( 639 )

Proceeds from securitization 258,661 269,915

Net proceeds from (repurchases of) securities sold under agreements to repurchase 2,959 97,912

Net proceeds from (payments on) securities sold under agreements to repurchase 16,499 17,507

Net proceeds from (payments on) notes payable 145,842 ( 10,840 )

Net proceeds from issuance of senior notes — 41,161

Repurchase of common stock ( 15,000 ) —

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 202,204 $ 188,346

CHANGE IN CASH AND RESTRICTED CASH $ ( 1,640 ) $ 577

CASH AND RESTRICTED CASH, beginning of period 45,285 42,893

CASH AND RESTRICTED CASH, end of period $ 43,645 $ 43,470

CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH $ 6,770 $ 1,474

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period

45,285 42,893

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period

$ 52,055 $ 44,367

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

32 unchanged sentences

The Company’s estimates are inherently subjective in nature and actual results could differ from the Company’s estimates and the differences could be material.

Recent Accounting Pronouncements

Expense disaggregation

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Recent Accounting Pronouncements

Expense disaggregation

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220- 40)", and in January 2025, the FASB issued ASU 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

13 unchanged sentences

The Company’s summary of significant accounting policies as set forth in its Annual Report on Form 10-K remain unchanged.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Variable Interest Entities

5 unchanged sentences

The retained beneficial interest in VIEs for which the Company is the primary beneficiary is the subordinated tranches of the securitization and further interests in additional interest‑only tranches.

The following table summarizes the key details of the Company’s loan securitization transactions for which the Company is the primary beneficiary currently outstanding as of March 31, 2026 and December 31, 2025:

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

March 31, 2026

December 31, 2025

The following table summarizes the key details of the Company’s loan securitization transactions for which the Company is the primary beneficiary currently outstanding as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

($ in thousands)

7 unchanged sentences

For the period ended:

March 31, 2026

December 31, 2025

June 30, 2026 December 31, 2025

(in thousands)

3 unchanged sentences

Cash received, at deal date $ 344,002 $ 320,116

During the three months ended March 31, 2026, the Company and its affiliates issued and sold bonds with a face value of $ 258.7 million to third-party investors for proceeds of $ 259.8 million, before offering costs and accrued interest.

During the three months ended June 30, 2026, the Company did not issue and retain bonds on our consolidated balance sheets for any securitization transaction for which the Company was the primary beneficiary.

For the six months ended June 30, 2026, the Company and its affiliates issued and sold bonds with a face value of $ 258.7 million to third-party investors for proceeds of $ 259.8 million, before offering costs and accrued interest.

The sold bonds are included in “Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, as a result of the transactions described above, securitized loans with outstanding principal balance of approximately $ 2.3 billion and $ 2.1 billion are included in “Residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets, respectively.

As of March 31, 2026 and December 31, 2025, the aggregate carrying value of bonds issued by consolidated VIEs was $ 2.1 billion and $ 1.9 billion, respectively.

As of June 30, 2026 and December 31, 2025, as a result of the transactions described above, securitized loans with outstanding principal balance of approximately $ 2.2 billion and $ 2.1 billion are included in “Residential mortgage loans in securitization trusts - at fair value” on the Company’s condensed consolidated balance sheets, respectively.

As of June 30, 2026 and December 31, 2025, the aggregate carrying value of bonds issued by consolidated VIEs was $ 2.0 billion and $ 1.9 billion, respectively.

These bonds issued are disclosed as “Non-recourse securitization obligation, collateralized by residential mortgage loans in securitization trusts” on the Company’s condensed consolidated balance sheets.

1 unchanged sentence

In the absence of such a breach, the Company has no obligation to provide any other explicit or implicit support to any VIE.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The Company concluded that the entities created to facilitate the loan securitization transactions are VIEs.

5 unchanged sentences

VIEs for Which the Company is Not the Primary Beneficiary

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The Company sponsored or participated along with other affiliates and entities managed by Angel Oak Capital in the formation of various entities that were considered to be VIEs.

3 unchanged sentences

The Company performs ongoing reassessments of all VIEs in which the Company has participated since its inception as to whether changes in the facts and circumstances regarding the Company’s involvement with a VIE would cause the Company’s consolidation conclusion to change, and the Company’s assessment of these VIEs remains unchanged.

The securities received in the securitization transactions for which the Company is not the primary beneficiary are either classified as “available for sale” upon receipt and are included in “RMBS - at fair value”, or are classified as “Other assets” and held at amortized cost on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, and details on the accounting treatment and fair value methodology of the securities can be found in Note 8 — Fair Value Measurements .

See also Note 4 — Investment Securities , for the fair value of Angel Oak Mortgage Trust (“AOMT”) securities held by the Company, and Note 12 - Other Assets , for investments in majority-owned affiliates (“MOAs”), as of March 31, 2026 and December 31, 2025 that were retained by the Company as a result of these securitization transactions.

The securities received in the securitization transactions for which the Company is not the primary beneficiary are either classified as “available for sale” upon receipt and are included in “RMBS - at fair value”, or are classified as “Other assets” and held at amortized cost on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, and details on the accounting treatment and fair value methodology of the securities can be found in Note 8 — Fair Value Measurements .

See also Note 4 — Investment Securities , for the fair value of Angel Oak Mortgage Trust (“AOMT”) securities held by the Company, and Note 12 — Other Assets , for investments in majority-owned affiliates (“MOAs”), as of June 30, 2026 and December 31, 2025 that were retained by the Company as a result of these securitization transactions.

Residential Mortgage Loans

Residential mortgage loans are measured at fair value.

The following table sets forth the cost, unpaid principal balance, net premium on mortgage loans purchased, fair value, weighted average interest rate, and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

($ in thousands)

6 unchanged sentences

Weighted average remaining contractual maturity (years) 29.2 29.5

The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property which are 90 or more days past due and those in formal foreclosure proceedings, and the recorded investment and unpaid principal balance of such loans as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table sets forth data regarding the number of consumer mortgage loans secured by residential real property which are 90 or more days past due and those in formal foreclosure proceedings, and the recorded investment, unpaid principal balance and fair value of such loans as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

($ in thousands)

5 unchanged sentences

Unpaid principal balance of loans in foreclosure $ 3,172 $ 1,113

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Fair value of mortgage loans in foreclosure $ 2,724 $ 993

Investment Securities

As of March 31, 2026 and December 31, 2025, Investment Securities were comprised of non‑agency RMBS and Freddie Mac and Fannie Mae “whole pool agency RMBS” (together, “RMBS”) and commercial mortgage backed securities (“CMBS”) assets.

The following table sets forth a summary of RMBS at cost as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

As of June 30, 2026 and December 31, 2025, Investment Securities were comprised of non‑agency RMBS and Freddie Mac and Fannie Mae “whole pool agency RMBS” (together, “RMBS”) and commercial mortgage backed securities (“CMBS”) assets.

The following table sets forth a summary of RMBS at cost as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

(in thousands)

1 unchanged sentence

Whole Pool Agency RMBS $ 255,867 $ 198,191

The following table sets forth certain information about the Company’s investments in RMBS at fair value as of March 31, 2026:

March 31, 2026 Real Estate Securities at Fair Value Securities Sold Under Agreements to Repurchase Allocated Capital

During the three months ended June 30, 2026, the Company sold its investment in AOMT 2020-3 non-agency RMBS for $ 28.5 million with a cost basis of $ 27.9 million resulting in a realized gain of $ 0.6 million.

The non-agency RMBS are classified as available-for-sale investment securities and are carried at their estimated fair value with unrealized gains and losses reported in other comprehensive income (loss) in the consolidated statements of operations and comprehensive income (loss).

The sale of AOMT 2020-3 investment securities reduced unrealized gains and accumulated other comprehensive income by $ 3.1 million.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table set forth certain information about the Company’s investments in RMBS at fair value as of June 30, 2026:

June 30, 2026 Real Estate Securities at Fair Value Securities Sold Under Agreements to Repurchase Allocated Capital

(in thousands)

4 unchanged sentences

Retained RMBS in VIEs (2)

— ( 59,078 ) ( 59,078 )

Total AOMT RMBS $ 54,059 $ ( 70,540 ) $ ( 16,481 )

4 unchanged sentences

Total RMBS $ 308,086 $ ( 70,540 ) $ 237,546

(1) AOMT RMBS held as of March 31, 2026 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(1) AOMT RMBS held as of June 30, 2026 included both retained tranches of AOMT securitizations in which the Company participated and additional AOMT securities purchased in secondary market transactions.

(2) A portion of repurchase debt includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).

These bonds, with a fair value of $ 215.1 million, are included in residential mortgage loans in securitization trusts - at fair value, within the condensed consolidated balance sheets.

(3) The whole pool RMBS presented as of March 31, 2026 were purchased from a broker to whom the Company owes approximately $ 129 million, payable upon the settlement date of the trade.

(3) The whole pool RMBS presented as of June 30, 2026 were purchased from a broker to whom the Company owes approximately $ 255.9 million, payable upon the settlement date of the trade.

See Note 6 — Due to Broker .

9 unchanged sentences

Retained RMBS in VIEs (2)

— ( 34,694 ) ( 34,694 )

Total AOMT RMBS $ 82,140 $ ( 54,041 ) $ 28,099

3 unchanged sentences

Total Whole Pool Agency RMBS

$ 197,865 $ — $ 197,865

Total RMBS $ 280,005 $ ( 54,041 ) $ 225,964

2 unchanged sentences

These bonds, with a fair value of $ 198.9 million, are included in residential mortgage loans in securitization trusts - at fair value, within the condensed consolidated balance sheets.

(3) The whole pool RMBS presented as of December 31, 2025 were purchased from a broker to whom the Company owes approximately $ 198.2 million, payable upon the settlement date of the trade.

(3) The whole pool RMBS presented as of December 31, 2025 were purchased from a broker to whom the Company owed approximately $ 198.2 million, payable upon the settlement date of the trade.

See Note 6 — Due to Broker .

3 unchanged sentences

Occasionally, a lender may require certain margin collateral to be posted on a warehouse line of credit.

There was no margin collateral required as of March 31, 2026 or December 31, 2025.

There was no margin collateral required as of June 30, 2026 or December 31, 2025.

The following table sets forth the details of the Company’s financing arrangements as of June 30, 2026 and December 31, 2025 ($ in thousands):

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table sets forth the details of the Company’s financing arrangements as of March 31, 2026 and December 31, 2025 ($ in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current Face Carrying Value Stated Maturity Based/Fixed Interest Rate Interest Rate Pricing Spread Carrying Value

1 unchanged sentence

Multinational Bank 1 (1)

$ 79,013 $ 79,013 June 2026 Average Daily SOFR 1.65 % - 2.10 %

$ 131,140 $ 131,140 September 2026 Average Daily SOFR 1.30 % - 2.10 %

Global Investment Bank 2 (2)

6 unchanged sentences

Non-recourse securitization obligation, at fair value $ 1,987,577 $ 1,968,763 N/A 4.40 % $ 1,915,321

Securities sold under agreements to repurchase $ 57,000 $ 57,000 April 2026 5.14 % $ 54,041

Securities sold under agreements to repurchase $ 70,540 $ 70,540 July 2026 4.96 % $ 54,041

Senior Unsecured Notes

3 unchanged sentences

Total Financing $ 2,515,216 $ 2,493,382 $ 2,277,142

(1) On December 26, 2025, this financing facility was extended through June 25, 2026 in accordance with the terms of the agreement, which contemplates rolling three-month renewals.

The interest rate pricing spread remained unchanged from the prior extension at a range from 1.65 % to 2.10 %.

(1) On June 25, 2026, this financing facility was extended through September 25, 2026 in accordance with the terms of the agreement, which contemplates rolling three-month renewals.

In addition, the interest rate pricing spread was reduced to a range from 1.30 % to 2.10 %;

prior to this extension, the interest rate pricing spread was a range from 1.65 % to 2.10 %.

(2) On April 22, 2026, the Company and one of its subsidiaries amended the Pricing Side Letter for its loan financing facility with Global Investment Bank 2.

6 unchanged sentences

prior to this extension, the interest rate pricing spread was a range from 1.90 % to 4.75 %.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

(4) On October 6, 2025, the Company and one of its subsidiaries entered into a $ 200.0 million repurchase facility with a global investment bank (“Global Investment Bank 4”) through the execution of a Master Repurchase Agreement and Securities Contract (the “Global Investment Bank 4 Master Repurchase Agreement”).

4 unchanged sentences

Notes Payable

The following table sets forth the total unused borrowing capacity of each financing line as of March 31, 2026:

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table sets forth the total unused borrowing capacity of each financing line as of June 30, 2026:

Note Payable Borrowing Capacity Balance Outstanding Available Financing

6 unchanged sentences

Although available financing is uncommitted for each of these lines of credit, the Company’s unused borrowing capacity is available if it has eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Senior Unsecured Notes

1 unchanged sentence

The 2030 Notes were issued in May 2025 in a public offering for net proceeds of approximately $ 40.6 million and the 2029 Notes were issued in July 2024 in a public offering for net proceeds of approximately $ 47.5 million.

The below table provides a summary of the Senior Unsecured Notes as of March 31, 2026 ($ in thousands).

The below table provides a summary of the Senior Unsecured Notes as of June 30, 2026 ($ in thousands).

Carrying Value

Senior Unsecured Notes (1)

Principal Amount March 31, 2026 December 31, 2025 Maturity Date (2)

Principal Amount June 30, 2026 December 31, 2025 Maturity Date (2)

Redemption Date (3)

8 unchanged sentences

The 2029 Notes bear interest at a rate equal to 9.500 % per year, payable in cash quarterly in arrears on January 30, April 30, July 30 and October 30 of each year.

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three months ended March 31, 2026 and March 31, 2025 ($ in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and six months ended June 30, 2026 and June 30, 2025 ($ in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Coupon interest expense $ 2,226 $ 1,659 $ 4,456 $ 2,847

1 unchanged sentence

Total interest expense $ 2,502 $ 1,872 $ 4,954 $ 3,185

At March 31, 2026 and December 31, 2025, the accrued interest payable on the Senior Unsecured Notes was $ 1.2 million and $ 2.2 million, respectively.

At March 31, 2026 and December 31, 2025, the unamortized deferred debt issuance cost was $ 1.2 million and $ 1.2 million, respectively.

The unamortized debt issuance costs will be amortized until maturity.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

At June 30, 2026 and December 31, 2025, the accrued interest payable on the Senior Unsecured Notes was $ 1.2 million and $ 2.2 million, respectively.

At June 30, 2026 and December 31, 2025, the unamortized deferred debt issuance cost was $ 1.1 million and $ 1.2 million, respectively.

The unamortized debt issuance costs will be amortized until maturity.

Securities Sold Under Agreements to Repurchase

1 unchanged sentence

Margin (if required) for securities sold under agreements to repurchase represents margin collateral amounts held to ensure that the Company has sufficient coverage for securities sold under agreements to repurchase in case of adverse price changes.

Restricted cash of margin collateral for securities sold under agreements to repurchase was $ 1.2 million and $ 1.2 million as of March 31, 2026 and December 31, 2025, respectively.

The following table summarizes certain characteristics of the Company’s repurchase agreements as of March 31, 2026 and December 31, 2025:

March 31, 2026

Restricted cash of margin collateral for securities sold under agreements to repurchase was $ 1.2 million and $ 1.2 million as of June 30, 2026 and December 31, 2025, respectively.

The following table summarizes certain characteristics of the Company’s repurchase agreements as of June 30, 2026 and December 31, 2025:

June 30, 2026

Repurchase Agreements Amount Outstanding Weighted Average Interest Rate Weighted Average Remaining Maturity (Days)

1 unchanged sentence

AOMT RMBS (1) $ 70,540 4.96 % 16

$ 57,000 5.14 % 16

December 31, 2025

2 unchanged sentences

$ 54,041 5.44 % 16

(1) A portion of repurchase debt outstanding as of March 31, 2026 and December 31, 2025 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).

(1) A portion of repurchase debt outstanding as of both June 30, 2026 and December 31, 2025 includes borrowings against retained bonds received from on-balance sheet securitizations (i.e., consolidated VIEs).

See Note 4 — Investment Securities .

2 unchanged sentences

Due to Broker

The “Due to broker” account on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively, in the amounts of $ 129.4 million and $ 198.2 million relates to the purchase of Whole Pool Agency RMBS at quarter-end in the first and fourth quarters of 2026 and 2025, respectively.

The “Due to broker” account on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively, in the amounts of $ 255.9 million and $ 198.2 million relates to the purchase of Whole Pool Agency RMBS at quarter-end in the second and fourth quarters of 2026 and 2025, respectively.

Purchases are accounted for on a trade date basis, and, at times, there may be a timing difference between accounting periods for the trade date and the settlement date of a trade.

The trade dates of these purchases were prior to the applicable quarter-end dates.

These trades settled in April 2026 and January 2026, respectively, at which time these assets were simultaneously sold.

These trades settled during July 2026 and January 2026, respectively, at which time these assets were simultaneously sold.

The purchase transactions of these Whole Pool Agency RMBS are excluded from the condensed consolidated statements of cash flows until settled as they are noncash transactions.

2 unchanged sentences

The derivatives in which the Company invests, and the market risk that the economic hedge is intended to mitigate are further discussed below.

Derivative instruments as of March 31, 2026 and December 31, 2025 included interest rate futures contracts.

Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts as of March 31, 2026 and December 31, 2025 included $ 0.5 million and $ 2.5 million, respectively.

Derivative instruments as of June 30, 2026 and December 31, 2025 included interest rate futures contracts.

Restricted cash relating to interest rate futures margin collateral in interest rate futures accounts as of June 30, 2026 and December 31, 2025 included $ 2.2 million and $ 2.5 million, respectively.

The Company uses interest rate futures as economic hedges to hedge a portion of its interest rate risk exposure.

Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors.

Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

considerations, as well as other factors.

The Company’s credit risk with respect to economic hedges is the risk of default on its investments that result from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.

1 unchanged sentence

Amounts or obligations owed by or to the Company are subject to the right of set-off with the TBA counterparty.

As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions.

As part of executing these trades, the Company may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements, and various other provisions.

Changes in the value of derivatives designed to protect against mortgage-backed securities fair value fluctuations, or economic hedging gains and losses, are reflected in the tables below.

1 unchanged sentence

The Company considers the notional amounts, categorized by primary underlying risk, to be representative of the volume of its derivative activities.

The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of March 31, 2026 and December 31, 2025:

The following table sets forth the derivative instruments presented on the condensed consolidated balance sheets and notional amounts as of June 30, 2026 and December 31, 2025:

Notional Amounts

1 unchanged sentence

(in thousands)

March 31, 2026 Interest rate futures 2,666 $ 1,421 $ — $ — $ 266,600

March 31, 2026 TBAs N/A $ 2,490 $ — $ — $ 132,100

June 30, 2026 Interest rate futures 1,650 $ — $ 452 $ — $ 165,000

June 30, 2026 TBAs N/A $ 1,941 $ — $ — $ 257,500

December 31, 2025 Interest rate futures 3,143 $ — $ 32 $ — $ 314,300

December 31, 2025 TBAs N/A $ 240 $ — $ — $ 198,600

The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and March 31, 2025 are set forth as follows:

The gains and losses arising from these derivative instruments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026 and June 30, 2025 are set forth as follows:

Derivatives Not Designated as Hedging Instruments Net Realized Gains (Losses) on Derivative Instruments Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments

(in thousands)

Three Months Ended March 31, 2026 Interest rate futures $ ( 50 ) $ 1,453

Three Months Ended March 31, 2026 TBAs $ ( 437 ) $ 2,250

Three Months Ended March 31, 2025 Interest rate futures $ ( 1,473 ) $ ( 1,935 )

Three Months Ended March 31, 2025 TBAs $ 1,163 $ 893

Three Months Ended June 30, 2026 Interest rate futures $ 4,296 $ ( 1,874 )

Three Months Ended June 30, 2026 TBAs $ ( 218 ) $ ( 549 )

Three Months Ended June 30, 2025 Interest rate futures $ ( 1,064 ) $ ( 199 )

Three Months Ended June 30, 2025 TBAs $ ( 3,016 ) $ ( 4,629 )

Derivatives Not Designated as Hedging Instruments Net Realized Gains (Losses) on Derivative Instruments Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments

(in thousands)

Six Months Ended June 30, 2026 Interest rate futures $ 4,246 $ ( 420 )

Six Months Ended June 30, 2026 TBAs $ ( 655 ) $ 1,701

Six Months Ended June 30, 2025 Interest rate futures $ ( 2,536 ) $ ( 2,134 )

Six Months Ended June 30, 2025 TBAs $ ( 1,853 ) $ ( 3,737 )

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Fair Value Measurements

7 unchanged sentences

Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.

As of March 31, 2026, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2025 included in the Annual Report on Form 10-K.

As of June 30, 2026, our valuation policy and processes had not changed from those described in our consolidated financial statements for the year ended December 31, 2025 included in the Annual Report on Form 10-K.

Included in Note 9 — Fair Value Measurements to the Consolidated Financial Statements for the year ended December 31, 2025 included in the Annual Report on Form 10-K is a detailed description of our other financial instruments measured at fair value and their significant inputs, as well as the general classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The fair value of cash, restricted cash, principal and interest receivable, other assets (excluding investments in MOAs), notes payable, securities sold under agreements to repurchase, amounts due to broker and accrued expenses (including those payable to an affiliate and management fees payable to an affiliate), and interest payable approximate their carrying values due to the nature of these assets and liabilities.

1 unchanged sentence

The fair value of these assets and liabilities is disclosed further below in the section titled “ Assets and Liabilities Held at Amortized Cost - Fair Value Disclosure ”.

The following table sets forth information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table sets forth information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2026:

Level 1 Level 2 Level 3 Total

9 unchanged sentences

— 9,267 — 9,267

Unrealized appreciation on futures contracts 1,421 — — 1,421

Unrealized appreciation on TBAs 1,941 — — 1,941

3 unchanged sentences

$ — $ 1,650,064 $ — $ 1,650,064

Unrealized depreciation on futures contracts 452 — — 452

Total liabilities, at fair value $ 452 $ 1,650,064 $ — $ 1,650,516

(1) AOMT RMBS held as of March 31, 2026 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.

(1) AOMT RMBS held as of June 30, 2026 included both retained tranches of AOMT securitizations in which the Company participated, additional AOMT securities purchased in secondary market transactions, and other RMBS purchased in secondary market transactions.

(2) Includes Commercial Loans and AOMT CMBS assets.

All AOMT CMBS held as of March 31, 2026 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.

All AOMT CMBS held as of June 30, 2026 was comprised of a small-balance commercial loan securitization issuance in which the Company participated.

(3) Only the portion subject to fair value measurement, as adjusted for fair value, is presented above.

9 unchanged sentences

Notes to the Condensed Consolidated Financial Statements

The following table sets forth information regarding the Company’s significant Level 3 inputs as of March 31, 2026:

The following table sets forth information regarding the Company’s significant Level 3 inputs as of June 30, 2026:

Asset Fair Value Unobservable Input Range Average

11 unchanged sentences

To determine the fair value of the Company’s non-recourse securitization obligations, collateralized by residential mortgage loans, net, held at amortized cost, the Company uses the same method of valuation as described in the Annual Report on Form 10-K, Note 9 — Fair Value Measurements (Level 2 in the fair value hierarchy) for both the portion of the obligation measured at fair value and the portion of the obligation held at amortized cost, for which fair value is disclosed below.

As of March 31, 2026, the total amortized cost basis and fair value of our non-recourse securitization obligations was $ 2.12 billion and $ 2.03 billion, respectively, a difference of approximately $ 88.0 million (we have elected to hold our non-recourse securitization obligations at fair value, with the exception of AOMT 2021-7 and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations).

As of June 30, 2026, the total amortized cost basis and fair value of our non-recourse securitization obligations was $ 2.02 billion and $ 1.92 billion, respectively, a difference of approximately $ 95.8 million (we have elected to hold our non-recourse securitization obligations at fair value, with the exception of AOMT 2021-7 and AOMT 2021-4, which are carried at amortized cost, as the fair value option was not elected at the time of the creation of these obligations).

The difference between the amortized cost and fair value solely attributable to AOMT 2021-4 and 2021-7 is approximately $ 48.8 million less than the amortized cost.

9 unchanged sentences

We believe that these quotes are most reflective of the price that would be achieved if the bonds were sold to an independent third party on the date of the condensed consolidated financial statements.

The amortized cost and fair value of this investment as of March 31, 2026 was approximately $ 25.7 million and $ 20.6 million, respectively.

The amortized cost and fair value of this investment as of June 30, 2026 was approximately $ 25.3 million and $ 20.3 million, respectively.

The amortized cost and fair value of these investments as of December 31, 2025 was approximately $ 25.5 million and $ 20.5 million, respectively.

9 unchanged sentences

AOMT RMBS (1)

— 82,140 — 82,140

Whole Pool Agency RMBS — 197,865 — 197,865

Unrealized depreciation on TBAs 240 — — 240

Unrealized appreciation on TBAs 240 — — 240

Other Assets, at fair value (2)

— 9,893 1,897 11,790

Total assets, at fair value $ 240 $ 2,629,648 $ 33,057 $ 2,662,945

1 unchanged sentence

Non-recourse securitization obligation, collateralized by residential mortgage loans (3)

$ — $ 1,572,934 $ — $ 1,572,934

Unrealized depreciation on futures contracts 32 — — 32

11 unchanged sentences

Asset Fair Value Unobservable Input Range Average

(in thousands)

Residential mortgage loans, at fair value $ 993 Prepayment rate (annual CPR) — % - — %

14 unchanged sentences

The residential mortgage loans are on residences located in various states with a concentration in California and Florida.

The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the period and year ended as of March 31, 2026 and December 31, 2025, respectively:

The following table sets forth certain financial information pertaining to whole loan activity purchased from affiliates during the period and year ended as of June 30, 2026 and December 31, 2025, respectively:

As of and for the Year-to-Date/Year Ended:

Amount of Loans Purchased from Affiliates during the Year-to-Date/Year Ended (in thousands) Number of Loans Purchased from Affiliates during the Year-to-Date/Year Ended Number of Loans Purchased from Affiliates, Owned and Held as of Year-to-Date/Year Ended (1) :

($ in thousands)

March 31, 2026 $ 46,456 83 52

June 30, 2026 $ 119,334 179 148

December 31, 2025 $ 164,888 364 120

11 unchanged sentences

The Company, from time to time, may be party to litigation relating to claims arising in the normal course of business.

As of March 31, 2026, the Company was not aware of any legal claims that could materially impact its financial condition.

As of March 31, 2026, the Company had no unfunded commitments.

As of June 30, 2026, the Company was not aware of any legal claims that could materially impact its financial condition.

As of June 30, 2026, the Company had no unfunded commitments.

The Company has entered into forward purchase commitments with counterparties whereby the Company commits to purchasing residential mortgage loans at a particular price, provided the residential mortgage loans close with the counterparties.

As of March 31, 2026, the Company had total purchase commitments of $ 123.7 million related to both Angel Oak Mortgage Lending and third parties.

As of June 30, 2026 the Company had total purchase commitments of $ 74.4 million related to both Angel Oak Mortgage Lending and third parties.

These commitments represent off-balance sheet risk where the Company may be required to extend credit.

1 unchanged sentence

Accumulated Other Comprehensive Income/(Loss)

The following table sets forth the net unrealized gain/(loss) on available-for-sale (“AFS”) securities for the three months ended March 31, 2026 and 2025, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three months ended March 31, 2026 and 2025:

The following table sets forth the net unrealized gain/(loss) on available-for-sale (“AFS”) securities for the three and six months ended June 30, 2026 and 2025, which is the sole component of the changes in the Company’s Accumulated Other Comprehensive Income/(Loss) (“AOCI”) for the three and six months ended June 30, 2026 and 2025:

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

(in thousands)

2 unchanged sentences

AOCI balance, end of period $ ( 220 ) $ ( 4,661 )

The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

(in thousands)

AOCI balance, beginning of period $ ( 1,314 ) $ ( 3,475 )

Net unrealized gain/(loss) on AFS securities 1,094 ( 1,186 )

AOCI balance, end of period $ ( 220 ) $ ( 4,661 )

The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

(in thousands)

Investments in Majority-Owned Affiliates $ 25,351 $ 25,474

6 unchanged sentences

Total other assets $ 41,456 $ 42,984

Investments in Majority-Owned Affiliates (“MOA”)

Investments in Majority-Owned Affiliates

The Company has participated in securitization transactions which involved MOAs in which the Company received investments in each case proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitizations.

4 unchanged sentences

Commercial mortgage loans are measured at fair value.

As of March 31, 2026 and December 31, 2025, the cost and unpaid principal balance of the assets was $ 5.5 million and $ 5.5 million, with a fair value of $ 5.2 million and $ 5.2 million, respectively.

The weighted average interest rate was 6.23 % with a weighted average maturity of 10 years, as of March 31, 2026.

There were no commercial mortgage loans more than ninety (90) days past due or in foreclosure as of March 31, 2026 or December 31, 2025.

As of June 30, 2026 and December 31, 2025, the cost and unpaid principal balance of the assets were $ 4.4 million and $ 5.5 million, with a fair value of $ 4.2 million and $ 5.2 million, respectively.

The weighted average interest rate was 6.31 % with a weighted average maturity of 11 years, as of June 30, 2026.

There were no commercial mortgage loans more than ninety (90) days past due or in foreclosure as of June 30, 2026 or December 31, 2025.

Commercial Mortgage Backed Securities

CMBS are held at fair value.

As of March 31, 2026 and December 31, 2025, the cost of these assets were $ 5.4 million and $ 5.4 million, with a fair value of $ 5.0 million and $ 4.7 million, respectively.

There was no repurchase debt held against these assets at March 31, 2026 or December 31, 2025.

As of June 30, 2026 and December 31, 2025, the cost of these assets were $ 5.4 million and $ 5.4 million, with a fair value of $ 5.1 million and $ 4.7 million, respectively.

There was no repurchase debt held against these assets at June 30, 2026 or December 31, 2025.

Equity and Earnings per Share (“EPS”)

On May 19, 2026, the Company repurchased 1,794,353 shares of the Company’s common stock owned by Xylem Finance LLC, an affiliate of Davidson Kempner Capital Management LP, for an aggregate repurchase price of $ 15.0 million.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Equity and Earnings per Share (“EPS”)

In the calculations of basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights.

In the calculations of basic and diluted earnings per common share for the three and six months ended June 30, 2026 and 2025, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights.

Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.

The following table sets forth the calculation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025:

March 31, 2026 March 31, 2025

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

The following table sets forth the calculation of basic and diluted earnings per share for the three months ended June 30, 2026 and 2025:

June 30, 2026 June 30, 2025

(in thousands, except share and per share data)

13 unchanged sentences

Diluted earnings (loss) per common share $ 0.14 $ 0.03

The Company’s potential dilutive securities, which include restricted stock awards and performance-based restricted stock unit awards have been excluded from the computation of diluted net loss per share for the three months ended March 31, 2026, as they are anti-dilutive and the effect would be to reduce the net loss per share.

The following table sets forth the calculation of basic and diluted earnings per share for the six months ended June 30, 2026 and 2025:

June 30, 2026 June 30, 2025

(in thousands, except share and per share data)

Basic Earnings (Loss) per Common Share:

Net income (loss) to common stockholders $ ( 4,025 ) $ 21,298

Dividends allocated to participating securities ( 104 ) ( 72 )

Net income (loss) to common stockholders - basic $ ( 4,129 ) $ 21,226

Basic weighted average common shares outstanding 24,354,079 23,460,798

Basic earnings (loss) per common share $ ( 0.17 ) $ 0.90

Diluted Earnings (Loss) per Common Share:

Net income (loss) to common stockholders - basic $ ( 4,025 ) $ 21,298

Dividends allocated to participating securities ( 104 ) ( 72 )

Net income (loss) to common stockholders - diluted $ ( 4,129 ) $ 21,226

Basic weighted average common shares outstanding 24,354,079 23,460,798

Net effect of dilutive equity awards — 258,852

Diluted weighted average common shares outstanding 24,354,079 23,719,650

Diluted earnings (loss) per common share $ ( 0.17 ) $ 0.89

The Company’s potential dilutive securities, which include restricted stock awards and performance-based restricted stock unit awards have been excluded from the computation of diluted net loss per share for the six months ended June 30, 2026, as they are anti-dilutive and the effect would be to reduce the net loss per share.

Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same.

The Company excluded 447,404 potential common share equivalents presented based on amounts outstanding, from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2026 because including them would have had an anti-dilutive effect.

The Company excluded 456,684 potential common share equivalents presented based on amounts outstanding, from the computation of diluted net loss per share attributable to common stockholders for the six months ended June 30, 2026 because including them would have had an anti-dilutive effect.

Angel Oak Mortgage REIT, Inc.

Notes to the Condensed Consolidated Financial Statements

Subsequent Events

On May 5, 2026, the Company declared a dividend of $ 0.32 per share of common stock, to be paid on May 29, 2026 to common stockholders of record as of May 22, 2026.

On April 22, 2026, the Company and one of its subsidiaries, amended the Pricing Side Letter for its loan financing facility with Global Investment Bank 2.

The amendment updates the seller underwriting guidelines to include home equity revolving lines of credit.

The amendment also extended the termination date of the loan financing facility to April 21, 2028.

On July 2, 2026, the Company issued AOMT 2026-3, a securitization of approximately $ 279.6 million scheduled unpaid principal balance backed by a pool of residential mortgage loans.

The Company issued AOMT 2026-3 as the sole contributor in the securitization.

On August 4, 2026, the Company declared a dividend of $ 0.32 per share of common stock, to be paid on August 28, 2026 to common stockholders of record as of August 21, 2026.

On August 4, 2026, the Company and other affiliated entities issued AOMT 2026-HB1, a securitization of approximately $ 221.4 million scheduled unpaid principal balance backed by a pool of residential mortgage loans secured by second lien HELOCs (an open or closed end home equity revolving line of credit, secured by a mortgage, deed of trust or other instrument creating a first or junior lien on a residential property, which lien secures the related line of credit) on one‑to‑four family residential properties.

The Company contributed HELOCs with a scheduled unpaid principal balance of $ 71.2 million to the securitization.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements