Angel Oak Mortgage REIT Inc (NYSE: AOMR) is a residential mortgage real estate investment trust that acquires and holds non-qualified mortgage (non-QM) residential mortgage loans, second lien mortgage loans, and home equity lines of credit (HELOCs). It earns income primarily through net interest spread on its loan portfolio and participates in securitization transactions to recycle capital and manage funding costs. During FY2025, AOMR purchased $861.8 million of newly-originated non-QM loans, second liens, and HELOCs at a weighted average coupon of 7.79%, a weighted average combined loan-to-value ratio of 65.4%, and a weighted average credit score of 756. The company is externally managed by an affiliate and elects REIT status for U.S. federal tax purposes. Its securitization portfolio held loans with an unpaid principal balance of $2.09 billion across 4,947 loans as of December 31, 2025, with a weighted average coupon of 6.0% and 89.1% first lien concentration.

Revenue model

Net interest income from holding residential mortgage loans and RMBS on balance sheet, supplemented by realized and unrealized gains on mortgage loans, derivative contracts, RMBS, and CMBS. The company funds positions through securitizations, retaining subordinate or residual interests.

Products and services

Non-QM residential mortgage loans, second lien mortgage loans, HELOCs, residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), and securitization trust interests (AOMT shelf). Four securitization transactions and one re-securitization were completed in FY2025, contributing $704 million of unpaid principal balance.

Customers and end markets

Non-agency residential mortgage borrowers who fall outside conventional (QM) lending standards. Portfolio borrowers as of December 31, 2025 carried weighted average FICO scores of 760, weighted average CLTV of 70.5%, and 0.4% 90-plus-day delinquency rate by UPB. Loans sourced through affiliated origination channels.

Value-chain role

Balance-sheet aggregator and securitizer in the non-QM residential mortgage market. Purchases newly-originated loans from affiliated originators, holds them for net interest income, and periodically contributes pools into AOMT-branded securitization trusts to access term financing.

Geographic exposure

United States residential mortgage market. No specific state or regional concentration data disclosed in the excerpts reviewed.

Source: SEC 10-K, filed 2026-03-03

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