Angel Oak Mortgage REIT (AOMR) investor relations material

Executive summary

• Net interest income rose 8% year-over-year to $10.7 million in Q2 2026, with interest income up 18% to $41.4 million and distributable earnings reaching $9.0 million.

• GAAP net income was $3.4 million ($0.14 per diluted share), up from $0.8 million in Q2 2025; distributable earnings per share were $0.37.

• Book value per share declined: GAAP by 1.7% and economic by 0.3% sequentially, mainly due to unrealized valuation headwinds.

• Strategic actions included monetizing legacy bonds, repurchasing $15 million of stock, and reducing warehouse financing spreads.

• Portfolio grew to $2.9 billion in residential mortgage loans, RMBS, and other assets as of June 30, 2026.

Financial highlights

• Q2 2026 GAAP net income: $3.4 million ($0.14 per share); distributable earnings: $9.0 million ($0.37 per share).

• Interest income: $41.4 million (up 18% year-over-year); net interest income: $10.7 million (up 8%).

• Book value per share: $10.13; economic book value per share: $12.24, both slightly down sequentially.

• Operating expenses for Q2 2026 were $3.6 million; excluding non-cash stock compensation, $3.2 million.

• Distributable Earnings Return on Average Equity for Q2 2026 was 14.6%, up from 4.2% in Q2 2025.

Outlook and guidance

• Expect to maintain a pace of roughly one securitization per quarter, with potential for a second non-QM deal in Q3.

• Recourse debt to equity ratio expected to remain below 2.5x, currently at 1.0x post-securitization.

• Operating expenses anticipated to remain stable; focus remains on efficiency and conservative leverage.

• Continued strong demand for non-QM loans and healthy securitization market expected for the remainder of the year.

• Management expects continued acquisition of newly originated loans throughout 2026, supporting portfolio growth.