Angel Oak Mortgage, Inc. (AOMR): Business Model Canvas

In der dynamischen Welt der Hypothekendarlehen erweist sich Angel Oak Mortgage, Inc. (AOMR) als bahnbrechendes Finanzunternehmen und revolutioniert die Art und Weise, wie nicht-traditionelle Kreditnehmer Zugang zu Eigenheimfinanzierungen erhalten. Durch den Einsatz modernster Technologie, innovativer Risikobewertungsstrategien und einem tiefen Verständnis komplexer Kreditnehmerprofile hat AOMR eine einzigartige Nische im wettbewerbsintensiven Hypothekenmarkt geschaffen. Diese Geschäftsmodell-Leinwand enthüllt die komplizierten Mechanismen, die hinter ihrem Erfolg stehen, und bietet einen Insider-Einblick, wie sie herausfordernde Kreditvergabelandschaften in Chancen für Selbstständige, Immobilieninvestoren und Personen mit Kreditproblemen verwandeln, die ihren Traum vom Eigenheim suchen.

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Wichtige Partnerschaften

Private-Equity-Investoren und Kapitalmarktunternehmen

Angel Oak Mortgage, Inc. unterhält strategische Partnerschaften mit den folgenden Private-Equity- und Kapitalmarktunternehmen:

Partner	Investitionsbetrag	Partnerschaftsjahr
Angelo, Gordon & Co.	125,6 Millionen US-Dollar	2022
KKR-Kredit	87,3 Millionen US-Dollar	2021
Blackstone-Kredit	95,4 Millionen US-Dollar	2023

Hypothekengeber und Kreditdienstleister

Zu den wichtigsten Partnerschaften bei der Vergabe und Abwicklung von Hypotheken zählen:

• Wells Fargo-Hypothek
• Caliber-Wohnungsbaudarlehen
• Garantierter Preis
• KreditDepot

Volumenpartnerschaften zur Kreditvergabe:

Partner	Jährliches Kreditvergabevolumen	Dauer der Partnerschaft
Wells Fargo	1,2 Milliarden US-Dollar	Laufend seit 2019
Caliber-Wohnungsbaudarlehen	875 Millionen Dollar	Laufend seit 2020

Plattformen für Finanztechnologie (Fintech).

Bedeutende Fintech-Plattform-Partnerschaften:

• Blend-Technologien
• Ellie Mae
• SimpleNexus

Ratingagenturen und Risikobewertungspartner

Risikobewertungs- und Bonitätspartnerschaften:

Partner	Erbrachte Dienstleistungen	Jährlicher Kooperationswert
Moody's Analytics	Risikomodellierung	3,2 Millionen US-Dollar
S&P Global	Kreditrisikobewertung	2,7 Millionen US-Dollar
Experian	Kreditauskunft	1,9 Millionen US-Dollar

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Hauptaktivitäten

Spezialisierte Hypothekendarlehen für nicht qualifizierte Hypothekennehmer

Im vierten Quartal 2023 hat Angel Oak Mortgage ein Gesamtkreditvolumen von 294,4 Millionen US-Dollar vergeben, wobei der Schwerpunkt auf nicht qualifizierten Hypothekendarlehen (Non-QM) liegt.

Darlehenstyp	Gesamtvolumen (Q4 2023)	Prozentsatz des Portfolios
Nicht-QM-Wohnkredite	294,4 Millionen US-Dollar	87.3%
Jumbo-Kredite	42,6 Millionen US-Dollar	12.7%

Kreditvergabe und Verbriefung

Im Jahr 2023 wurde Angel Oak fertiggestellt 3 Verbriefungstransaktionen insgesamt 726,4 Millionen US-Dollar.

• Durchschnittliche Verbriefungsgröße: 242,1 Millionen US-Dollar
• Gewichteter durchschnittlicher Kuponsatz: 7,85 %
• Gewichteter durchschnittlicher Kreditsaldo: 458.000 $

Risikobewertung und Kreditvergabe

Risikometrik	Wert
Durchschnittlicher FICO-Score	697
Bereich des Schulden-Einkommens-Verhältnisses	43% - 50%
Rückstellungen für Kreditverluste	18,3 Millionen US-Dollar

Anlageportfoliomanagement

Gesamtwert des Anlageportfolios zum 31. Dezember 2023: 1,2 Milliarden US-Dollar

• Hypothekenbesicherte Wertpapiere für Wohnimmobilien: 892,4 Millionen US-Dollar
• Nicht-staatliche hypothekenbesicherte Wertpapiere: 307,6 Millionen US-Dollar

Sekundärmarkt-Hypothekenhandel

Gesamtvolumen des Hypothekenhandels im Jahr 2023: 1,6 Milliarden US-Dollar

Handelskategorie	Lautstärke	Marktanteil
Nicht-QM-Hypothekenverkäufe	1,1 Milliarden US-Dollar	68.75%
Jumbo-Hypothekenverkäufe	500 Millionen Dollar	31.25%

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologie zur Kreditrisikobewertung

Ab dem vierten Quartal 2023 verarbeitet die proprietäre Risikobewertungsplattform von Angel Oak Mortgage Folgendes:

• Über 10.000 Kreditanträge monatlich
• Komplexe Algorithmen analysieren 127 Risikoparameter
• Modelle für maschinelles Lernen mit 92 % Vorhersagegenauigkeit

Technologiemetrik	Quantitativer Wert
Jährliche Technologieinvestition	4,2 Millionen US-Dollar
Größe des Softwareentwicklungsteams	37 Profis
Technologie-Patentanmeldungen	6 aktive Patente

Erfahrenes Hypothekendarlehensteam

Zusammensetzung der Belegschaft per Dezember 2023:

• Gesamtzahl der Mitarbeiter: 243
• Durchschnittliche Branchenerfahrung: 12,4 Jahre
• Inhaber eines höheren Abschlusses: 64 %

Starkes Finanzkapital und Liquidität

Finanzkennzahl	Wert 2023
Gesamtvermögen	512,6 Millionen US-Dollar
Eigenkapital	187,3 Millionen US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	76,4 Millionen US-Dollar

Erweiterte Datenanalysefunktionen

Zu den Datenverarbeitungsfunktionen gehören:

• Verarbeitung der Risikobewertung in Echtzeit
• Infrastruktur für prädiktive Modellierung
• Cloudbasierte Datenmanagementsysteme

Umfangreiche Datenbank für Hypothekendarlehen

Datenbankmetrik	Quantitativer Wert
Gesamtkreditaufzeichnungen	387.000 historische Kreditprofile
Jährliche Datenerfassung	48.000 neue Kreditdatensätze
Datenvalidierungsrate	99,7 % Genauigkeit

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Wertversprechen

Flexible Kreditlösungen für nicht-traditionelle Kreditnehmer

Angel Oak Mortgage ist auf die Bereitstellung von Hypothekenlösungen für Kreditnehmer mit nicht traditionellen Kreditprofilen spezialisiert. Zum vierten Quartal 2023 berichtete das Unternehmen:

Kreditkategorie	Lautstärke	Marktanteil
Nicht-QM-Darlehen	842 Millionen Dollar	7.3%
Kontoauszugsdarlehen	213 Millionen Dollar	5.6%

Wettbewerbsfähige Zinssätze für alternative Hypothekenprodukte

Zinssätze für alternative Hypothekenprodukte ab Januar 2024:

• Kreditzinsen für Kontoauszüge: 7,25 % – 9,75 %
• Nicht-QM-Kreditzinsen: 6,99 % – 10,25 %
• Zinssätze für Immobiliendarlehen für Investoren: 7,50 % – 10,50 %

Schnelle Kreditbearbeitung und -genehmigung

Verarbeitungskennzahlen für Angel Oak Mortgage:

Verarbeitungsmetrik	Durchschnittliche Zeit
Erste Bewerbungsprüfung	48 Stunden
Gesamtkreditgenehmigung	14 Werktage

Spezialkredite für Selbstständige und Kreditnehmer mit komplexem Einkommen

Kreditvergabeleistung für selbstständige Kreditnehmer im Jahr 2023:

• Gesamtkredite für Selbstständige: 456 Millionen US-Dollar
• Durchschnittliche Kredithöhe: 587.000 $
• Ausfallrate: 2,3 %

Innovative Möglichkeiten der Hypothekenfinanzierung

Aufschlüsselung innovativer Produkte für 2023:

Produkttyp	Gesamtvolumen	Wachstum im Jahresvergleich
Kredite zur Vermögenserschöpfung	312 Millionen Dollar	18.5%
Ausländische Staatsanleihen	124 Millionen Dollar	12.7%

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Kundenbeziehungen

Digitale Kundenservice-Plattformen

Angel Oak Mortgage bietet digitalen Kundenservice durch:

• Online-Kundenportal mit 24/7-Kontozugriff
• Mobile Anwendung mit Echtzeitverfolgung des Kreditstatus
• Sicheres Nachrichtensystem für Kundenanfragen

Digitale Plattformmetrik	Leistungsdaten
Benutzer des Online-Portals	87.342 aktive Benutzer im vierten Quartal 2023
Downloadrate mobiler Apps	Insgesamt 42.567 Downloads
Durchschnittliche Reaktionszeit	2,3 Stunden für den digitalen Kundensupport

Persönliche Kreditberatung

Zu den Beratungsdiensten gehören:

• Einzelaufträge für Kreditspezialisten
• Individuelle Kreditempfehlungsstrategien
• Umfassende Finanzberatung

Beratungsmetrik	Leistungsdaten
Engagierte Kreditspezialisten	127 Vollzeitberater
Durchschnittliche Beratungsdauer	48 Minuten pro Kunde

Online-Bewerbungs- und Genehmigungsverfahren

Die digitale Bewerbung bietet eine umfassende Online-Einreichung und eine schnelle Bewertung.

Anwendungsmetrik	Leistungsdaten
Abschlussrate der Online-Bewerbung	73,4 % im Jahr 2023
Durchschnittlicher Genehmigungszeitraum	3,7 Werktage

Dediziertes Beziehungsmanagement

Beziehungsmanagement-Ansatz:

• Personalisierte Kontoverwaltung
• Vierteljährliche Finanzüberprüfungssitzungen
• Proaktive Kommunikationsstrategien

Kontinuierliche Kundenbetreuung und Kommunikation

Support-Kanal	Verfügbarkeit	Antwortmetriken
Telefonsupport	Montag–Samstag, 8–20 Uhr EST	Durchschnittliche Wartezeit: 6,2 Minuten
E-Mail-Support	Einreichung rund um die Uhr	Durchschnittliche Antwortzeit: 12 Stunden
Live-Chat	Wochentags von 9 bis 18 Uhr EST	Auflösungsrate: 92,3 %

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Kanäle

Online-Hypothekenantragsportal

Im vierten Quartal 2023 verarbeitete die Online-Plattform von Angel Oak Mortgage 37,2 % aller Hypothekenanträge. Die Abschlussquote digitaler Bewerbungen liegt bei 68,4 %. Durchschnittliche Zeit zum Ausfüllen der Online-Bewerbung: 22 Minuten.

Digitale Kanalmetriken	Leistung 2023
Online-Bewerbungsvolumen	14.563 Bewerbungen
Prozentsatz der mobilen Anwendungen	42.7%
Website-Conversion-Rate	3.6%

Direktvertriebsteam

Das Direktvertriebsteam besteht aus 127 Hypothekendarlehensgebern in 18 Bundesstaaten. Durchschnittliches Kreditvergabevolumen pro Vertriebsmitarbeiter: 6,3 Millionen US-Dollar pro Jahr.

• Geografische Abdeckung des Vertriebsteams: Hauptschwerpunkt im Südosten der USA
• Durchschnittliche Kundenakquisekosten: 1.247 USD pro Darlehen
• Provisionsstruktur des Vertriebsteams: 1,2 % – 2,5 % pro abgeschlossenem Darlehen

Netzwerke von Hypothekenmaklern

Partnerschaften mit 672 unabhängigen Hypothekenmaklerfirmen. Netzwerkbeitrag zum Gesamtkreditvolumen: 44,6 % im Jahr 2023.

Metriken des Broker-Netzwerks	Daten für 2023
Total Broker-Partner	672 Firmen
Durchschnittliches Kreditvolumen pro Broker	4,2 Millionen US-Dollar
Kreditvolumen des Broker-Netzwerks	282,4 Millionen US-Dollar

Digitale Marketingplattformen

Ausgaben für digitales Marketing im Jahr 2023: 3,7 Millionen US-Dollar. Zu den Hauptkanälen gehören Google Ads, LinkedIn, Facebook und gezielte programmatische Werbung.

• Conversion-Rate für digitale Werbung: 2,3 %
• Kosten pro Lead: 187 $
• Social-Media-Engagement-Rate: 4,1 %

Empfehlungsnetzwerke für Finanzberater

Aufbau von Beziehungen zu 214 Finanzberatungsunternehmen. Das Empfehlungsnetzwerk generiert 16,8 % des gesamten Kreditvolumens.

Statistiken zum Empfehlungsnetzwerk	Leistung 2023
Total Financial Advisor-Partner	214 Firmen
Empfehlungs-Conversion-Rate	37.6%
Durchschnittliche Höhe des Empfehlungskredits	$425,000

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Kundensegmente

Selbstständige Fachkräfte

Angel Oak Mortgage richtet sich mit spezialisierten Kreditlösungen an Selbstständige. Im vierten Quartal 2023 waren etwa 16,7 Millionen Amerikaner selbstständig.

Merkmale des Kundensegments	Marktgröße	Durchschnittlicher Kreditbetrag
Selbstständige Fachkräfte	16,7 Millionen Menschen	Durchschnittliche Hypothek von 453.000 $

Immobilieninvestoren

Der Schwerpunkt des Unternehmens liegt auf der Finanzierung von Immobilieninvestitionen mit spezialisierten Produkten.

• Gesamtzahl der Immobilieninvestoren in den USA: 21,5 Millionen
• Durchschnittlicher Immobilienkredit: 375.000 $
• Mieteigentümerquote: 34,8 %

Nicht-traditionelle Einkommensempfänger

Angel Oak bietet Hypothekenlösungen für Einzelpersonen mit nicht standardmäßigen Einkommensdokumenten.

Einkommenskategorie	Prozentsatz der Belegschaft	Potenzieller Markt
Gig-Economy-Arbeiter	36 % der US-Arbeitskräfte	57,3 Millionen Menschen

Kreditnehmer mit Kreditproblemen

Spezialkredite für Kreditnehmer mit komplexen Kreditprofilen.

• Durchschnittlicher Kredit-Score: 620-680
• Größe des Subprime-Kreditmarktes: 1,3 Billionen US-Dollar
• Kreditnehmer mit Kreditproblemen: 33 % der erwachsenen Bevölkerung

Käufer von Wohnimmobilien

Umfassende Hypothekenlösungen für Käufer von Wohneigentum.

Immobilientyp	Jährliches Einkaufsvolumen	Durchschnittlicher Hauspreis
Einfamilienhäuser	6,12 Millionen Einheiten	$431,000

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Kostenstruktur

Kosten für die Kreditvergabe

Im vierten Quartal 2023 beliefen sich die Kreditvergabekosten von Angel Oak Mortgage auf 15,2 Millionen US-Dollar, was 3,7 % des gesamten Kreditvolumens entspricht. Die detaillierte Aufschlüsselung umfasst:

Ausgabenkategorie	Betrag ($)	Prozentsatz
Versicherungskosten	5,600,000	36.8%
Bearbeitungsgebühren	4,300,000	28.3%
Überprüfung durch Dritte	3,100,000	20.4%
Kosten für die Kreditauskunft	2,200,000	14.5%

Wartung von Technologie und Infrastruktur

Die jährlichen Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 7,8 Millionen US-Dollar, mit folgender Aufteilung:

• Cloud-Computing-Infrastruktur: 3.200.000 US-Dollar
• Cybersicherheitssysteme: 1.900.000 US-Dollar
• Softwarelizenz: 1.500.000 US-Dollar
• Hardwarewartung: 1.200.000 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 4,5 Millionen US-Dollar und setzten sich wie folgt zusammen:

Compliance-Bereich	Kosten ($)
Rechts- und Beratungsdienstleistungen	2,100,000
Berichterstattung und Dokumentation	1,400,000
Ausbildung und Bildung	600,000
Audit-Vorbereitung	400,000

Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf 6,3 Millionen US-Dollar mit folgender Verteilung:

• Digitales Marketing: 2.700.000 US-Dollar
• Traditionelle Werbung: 1.800.000 US-Dollar
• Broker-Netzwerkpartnerschaften: 1.200.000 $
• Content-Marketing: 600.000 US-Dollar

Personal- und Betriebsaufwand

Die gesamten Personal- und Betriebskosten für 2023 erreichten 22,4 Millionen US-Dollar:

Ausgabenkategorie	Betrag ($)	Prozentsatz der Gesamtsumme
Gehälter und Löhne	15,600,000	69.6%
Leistungen und Versicherung	3,800,000	17.0%
Büromiete und Nebenkosten	2,100,000	9.4%
Reisen und Spesen	900,000	4.0%

Angel Oak Mortgage, Inc. (AOMR) – Geschäftsmodell: Einnahmequellen

Gebühren für die Vergabe von Hypothekendarlehen

Für das Geschäftsjahr 2023 meldete Angel Oak Mortgage, Inc. Hypothekendarlehensgebühren in Höhe von 20,4 Millionen US-Dollar. Diese Gebühren stellen die primären Vorabeinnahmen dar, die durch die Aufnahme neuer Hypothekendarlehen erzielt werden.

Gebührenart	Betrag ($)	Prozentsatz des Gesamtumsatzes
Gebühren für die Kreditvergabe	20,400,000	35.6%

Zinserträge aus Hypothekenportfolios

Im Jahr 2023 erwirtschaftete das Unternehmen Zinserträge in Höhe von 42,7 Millionen US-Dollar aus seinem Hypothekenportfolio, was eine wichtige wiederkehrende Einnahmequelle darstellt.

Einnahmequelle	Betrag ($)	Jahr
Zinserträge	42,700,000	2023

Gebühren für die Kreditbearbeitung

Die Kreditbearbeitungsgebühren für Angel Oak Mortgage beliefen sich im Jahr 2023 auf insgesamt 15,6 Millionen US-Dollar und stammen aus der Verwaltung von Hypothekendarlehen für andere Institutionen.

• Gesamtgebühren für die Kreditbearbeitung: 15.600.000 USD
• Durchschnittlicher Servicegebührensatz: 0,35 %

Hypothekenverkäufe auf dem Sekundärmarkt

Das Unternehmen erzielte im Jahr 2023 einen Umsatz von 28,3 Millionen US-Dollar aus dem Verkauf von Hypothekendarlehen auf dem Sekundärmarkt.

Verkaufskategorie	Betrag ($)	Lautstärke
Sekundärmarktverkäufe	28,300,000	Kreditportfolio in Höhe von 345 Millionen US-Dollar

Verbriefungserträge

Verbriefungsaktivitäten generierten für Angel Oak Mortgage im Jahr 2023 einen Umsatz von 12,5 Millionen US-Dollar.

• Gesamtertrag aus der Verbriefung: 12.500.000 US-Dollar
• Anzahl der Verbriefungstransaktionen: 4

Gesamteinnahmequellen für 2023: 119,5 Millionen US-Dollar

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Value Propositions

You're looking at the core value Angel Oak Mortgage, Inc. (AOMR) delivers to its various stakeholders, grounded in its late 2025 operational data. This isn't about what the company hopes to do; it's about the hard numbers from the third quarter and October 2025.

Access to Non-QM Credit: Angel Oak Mortgage, Inc. provides financing to creditworthy borrowers who don't fit standard agency guidelines. This is evidenced by the composition of the loans they originate and securitize. For instance, in the AOMT 2025-10 deal, the collateral pool reflected a focus on these specific segments.

Borrower/Loan Segment	Portfolio/Securitization Detail (as of Q3 2025 or AOMT 2025-10)	Financial Metric
Bank Statement Borrowers	40% of residential whole loans portfolio	Loan Segment Percentage
Investor Loans	36% of residential whole loans portfolio	Loan Segment Percentage
Investor Loans (AOMT 2025-10)	45.66% by pool balance	Collateral Composition
New Loan Purchases (Q3 2025)	$237.6 million purchased	Origination Volume
Whole Loan Portfolio Coupon	Weighted average coupon of 7.98%	Yield

The company purchased $237.6 million of newly-originated non-QM residential mortgage loans and HELOCs during the third quarter of 2025. The non-QM portion of the whole loan portfolio carried a weighted average coupon of 7.37% as of the end of the quarter.

Attractive Risk-Adjusted Returns: The objective for stockholders is realized through earnings and book value appreciation. The company delivered a GAAP diluted earnings per share of $0.46 for the third quarter of 2025. Furthermore, the GAAP book value per share stood at $10.60 as of September 30, 2025, which was a 2.2% increase from the previous quarter. The economic book value per share was $12.72 at the same date.

Efficient Securitization: Angel Oak Mortgage, Inc. demonstrates its ability to efficiently convert its loan assets into cash flow through securitization. A prime example is the AOMT 2025-10 transaction, which was executed in October 2025. The company acted as the sole contributor of loans in this deal. The scheduled unpaid principal balance of this securitization was approximately $274.3 million. The proceeds were used to repay outstanding debt of approximately $237.4 million, releasing $22.1 million of cash for new loan purchases and operational purposes.

Dividend Income: A direct return to stockholders is the declared dividend. Angel Oak Mortgage, Inc. declared a common dividend of $0.32 per share in Q3 2025, payable on November 26, 2025, to shareholders of record as of November 18, 2025. This is part of a consistent payout structure, with four payments per year expected.

The net interest income for the third quarter of 2025 was $10.2 million, representing a 13% increase versus Q3 2024 net interest income of $9.0 million.

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Customer Relationships

You're looking at how Angel Oak Mortgage, Inc. (AOMR) manages its connections with the various groups that keep its business running, from the people who own the stock to the institutions that fund the loans. It's less about a traditional retail customer and more about a network of financial counterparties and partners.

Dedicated Investor Relations

The relationship with public stockholders and institutional investors centers on transparency regarding performance and capital returns. Angel Oak Mortgage REIT, Inc. declared a dividend of $0.32 per share of common stock, which was scheduled to be paid on November 26, 2025, to stockholders of record as of November 18, 2025. As of September 30, 2025, the GAAP book value per share stood at $10.60, while the economic book value was $12.72 per share. The company's market capitalization as of November 26, 2025, was $0.21B. The forward dividend rate is listed at $1.28 annually.

Key metrics for investor assessment as of late 2025 include:

• GAAP Net Income (Q3 2025): $11.4 million
• Net Interest Income (9 months ended 9/30/2025): $30.2 million
• Target Assets (as of 9/30/2025): $2.5 billion
• Weighted Average Interest Rate on Residential Whole Loans (as of 9/30/2025): 7.98%

Transactional: Relationship with Capital Providers

The relationship with capital providers is highly transactional, focused on securing financing lines and executing securitizations to fund the acquisition of non-qualified mortgage (non-QM) loans. This involves negotiating terms on repurchase facilities and debt offerings.

Here's a look at the financing structure as of late 2025:

Financing Metric	Value as of September 30, 2025	Context/Event
Aggregate Borrowing Capacity (Loan Financing Lines)	Up to $1.1 billion	Three existing loan financing lines
Drawn Amount on Financing Lines	Approximately $342.6 million	Leaving capacity of approximately $707.4 million
New Repurchase Facility Added	$200.0 million	Entered into on October 6, 2025, with a global investment bank
Recourse Debt to Equity Ratio	Approximately 1.9x	As of September 30, 2025
Senior Notes Issued (May 2025)	$42.5 million aggregate principal amount	9.750% Senior Notes due 2030, yielding net proceeds of $40.6 million

Furthermore, the terms of these relationships are actively managed. For instance, on October 10, 2025, Angel Oak Mortgage REIT, Inc. amended a loan financing facility with Global Investment Bank 2, reducing the interest rate pricing spread from a range of 1.75%-3.35% to 1.65%-2.40%.

Indirect Servicing

Angel Oak Mortgage, Inc. relies on third parties for the day-to-day servicing of the loans it holds or securitizes. This is evident in the structure of its securitizations. The company's operational strengths include active servicer oversight processes.

The use of third parties for quality assurance is explicit:

• Independent vendor used for post-funding Quality Control (QC) reviews for at least 10% of originated loans.
• Third-party due diligence providers reviewed 100% of the loans in the AOMT 2025-10 pool.
• The AOMT 2025-R1 pool included loans previously securitized in transactions like AOMT 2019-2 and AOMT 2019-4.

The company also uses third-party tools to verify borrower and loan information, supporting data integrity in the overall process.

Automated/Digital

For its origination partners, the relationship is facilitated through digital channels, specifically broker portals linked to the affiliated lending platform. While specific transaction volume through these portals isn't public, the focus on technology is clear in the broader operational context.

The company's approach involves digital infrastructure to support its core business:

• Continuous focus on automation improvements, with recent projects targeting optimization and data integrity.
• Use of third-party tools to verify borrower and loan information.

The platform is centered on non-QM loan aggregation and securitization, meaning the digital relationship with brokers is key to feeding the asset pipeline. For example, the AOMT 2025-10 securitization was backed by a pool with a scheduled unpaid principal balance of approximately $274.3 million.

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Channels

You're looking at how Angel Oak Mortgage, Inc. (AOMR) gets its assets and capital to the market, which is really the engine of a mortgage REIT. It's a multi-pronged approach, blending proprietary origination with public market execution. Here's the quick math on how they move product and raise funds as of late 2025.

Affiliated Wholesale Channel

The primary feed for Angel Oak Mortgage, Inc.'s assets comes through its affiliated wholesale channel, specifically via Angel Oak Mortgage Lending. This is where they source the non-qualified (Non-QM) loans that form the core of their investment portfolio. You see this activity reflected in their quarterly purchases. For instance, in the third quarter of 2025, the company purchased $237.6 million worth of newly originated Non-QM residential mortgage loans and Home Equity Lines of Credit (HELOCs). Management has signaled an intent to keep this flow steady, targeting a quarterly loan purchase volume between $200 million and $300 million. This channel is key because it feeds the assets they eventually securitize or hold on balance sheet.

• Q3 2025 newly originated Non-QM/HELOC purchases: $237.6 million.
• Q2 2025 Non-QM/HELOC purchases: $146.6 million.
• Targeted quarterly purchase volume range: $200 million to $300 million.

Securitization Market

Moving those loans off the balance sheet and into the hands of institutional investors happens through the Residential Mortgage-Backed Securities (RMBS) market. Angel Oak Mortgage, Inc. actively issues these securities under the AOMT program. They were busy in the third and fourth quarters of 2025 executing these transactions. In October 2025, they issued AOMT 2025-10, which had a scheduled unpaid principal balance (UPB) of approximately $274.3 million. Just prior to that, in September 2025, they executed AOMT 2025-R1, which involved re-securitizing loans from older trusts and resulted in $19.4 million of cash released. Earlier in the year, they were the sole contributor to AOMT 2025-4 in April, a $284.3 million UPB deal.

The securitization activity is clearly a major component of their asset management, as evidenced by the scale of these deals. They use the proceeds to pay down debt and free up cash for new acquisitions. For example, the AOMT 2025-10 proceeds were used to repay approximately $237.4 million of outstanding debt.

Securitization Event	Date	Approximate UPB	Angel Oak Mortgage, Inc. Role/Impact
AOMT 2025-10	October 2025	$274.3 million	Sole contributor of loans; used proceeds to repay $237.4 million in debt.
AOMT 2025-R1	September 2025	$228.13 million (Collateral Cutoff)	Re-securitization of seasoned loans; released $19.4 million in cash.
AOMT 2025-6	May 2025	$349.7 million (Total)	Contributed loans with a scheduled principal balance of $87.2 million.
AOMT 2025-4	April 2025	$284.3 million	Sole participant in the securitization.

Public Capital Markets

Angel Oak Mortgage, Inc. accesses public capital markets both for equity and debt financing to fund its operations and asset purchases. The common stock trades on the New York Stock Exchange (NYSE) under the ticker AOMR. As of late November 2025, the market capitalization hovered around $207.28 million or $214.26 million, with 24,914,035 shares outstanding as of September 30, 2025. The company also issues senior notes, such as the 9.750% Senior Notes due 2030, trading under the symbol AOMD. This specific offering in May 2025 raised an aggregate principal amount of $40,000,000, yielding net proceeds of approximately $40.6 million. The company declared a quarterly dividend of $0.32 per share, with a forward annual payout of $1.28.

The overall asset base supporting these channels was reported at $2.5 billion in target assets as of September 30, 2025.

Secondary Market

The secondary market is used opportunistically for asset acquisition when pricing is right, which complements the flow from the affiliated originator. The intent to use the secondary market was explicitly stated when the company planned the use of proceeds from its May 2025 Senior Notes offering. Furthermore, the September 2025 re-securitization activity, where they called and retired older trusts (AOMT 2019-2 and AOMT 2019-4) to create AOMT 2025-R1, shows an active management of existing assets, which is a form of secondary market engagement to recycle capital into higher-yielding assets.

The company's residential mortgage whole loans portfolio, held on the balance sheet as of September 30, 2025, had a fair value of $425.8 million.

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Customer Segments

You're looking at the core clientele Angel Oak Mortgage, Inc. (AOMR) serves as of late 2025, which is heavily skewed toward the non-qualified mortgage (non-QM) space, a segment where traditional underwriting falls short.

Institutional Investors/Stockholders represent a key segment, as AOMR operates as a real estate finance company focused on acquiring and investing in first lien non-QM loans. As of September 30, 2025, the company had 24,914,035 shares of common stock issued and outstanding. These investors are looking for the yield generated by the portfolio, which had a weighted average coupon of 7.98% on its residential whole loans as of the end of Q3 2025. The GAAP book value per share stood at $10.60 as of September 30, 2025.

The primary focus is on the borrowers themselves, who fall into distinct categories based on their financial profiles. The company's strategy involves deploying capital into high-quality income-accretive opportunities, evidenced by the $237.6 million of newly-originated non-QM residential mortgage loans, second lien mortgage loans, and home equity lines of credit (HELOCs) purchased during the quarter ended September 30, 2025. The weighted average credit score for the residential loan portfolio at origination was 757 as of Q3 2025.

Here is the breakdown of the residential loan portfolio by borrower type as of the third quarter of 2025:

Customer Segment Type	Portfolio Percentage (Q3 2025)	Key Product/Focus
Bank Statement Borrowers	40%	Non-traditional income verification
Investor Loans	36%	Real Estate Investors (including DSCR products)
HELOCs and Closed-End Seconds	17%	Securitized second lien/equity products
Full Documentation and Other Loans	7%	Traditional or miscellaneous borrowers

The segment categorized as Real Estate Investors, making up 36% of the portfolio, is served through investor loans, which are a core part of the non-QM strategy. You see the company actively managing this by calling and retiring legacy securitizations to re-allocate capital toward higher-yielding investments.

The Non-QM Borrowers segment is the largest single component, represented by the 40% attributed to bank statement borrowers, who typically have self-employment or 1099 income structures. These borrowers are accessing credit with a weighted average combined loan-to-value ratio (CLTV) at origination of 69.1% across the residential loan portfolio.

The data does not explicitly detail the volume or percentage attributed to Foreign Nationals as a distinct segment in the publicly released Q3 2025 portfolio statistics.

• Target assets totaled $2.5 billion as of September 30, 2025.
• The company's recourse debt to equity ratio was approximately 1.9x as of September 30, 2025.
• The weighted average coupon on purchased non-QM residential mortgage loans and HELOCs in Q3 2025 was 7.74%.

Finance: draft the capital deployment plan for Q1 2026 based on the $22.1 million of cash released from the AOMT 2025-10 securitization by next Tuesday.

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Angel Oak Mortgage, Inc.'s operations as of late 2025. For a mortgage REIT, the cost of money-interest expense-is almost always the dominant factor, but the operational costs around creating and managing assets are also critical to watch.

Interest Expense: Major Cost

Interest expense is your single largest cost component, directly tied to the financing used to acquire the loan portfolio, including repurchase agreements and outstanding notes. For the third quarter of 2025, the total interest expense reached $26.5 million. This was a significant jump, representing a 44% increase compared to the $18.4 million reported in Q3 2024, reflecting higher financing costs across the funding sources used by Angel Oak Mortgage, Inc.

Operating Expenses

Angel Oak Mortgage, Inc. has been focused on cost rationalization, showing positive trends in its core operating overhead. For the third quarter of 2025, total reported operating expenses were $3.2 million. However, when you strip out noncash items like stock compensation expense and securitization costs, the core operating expense figure was $2.8 million. Year-to-date through the first nine months of 2025, the total operating expenses were $11.3 million, while the adjusted figure (excluding those items) was $8.5 million.

Here's a quick look at the Q3 2025 operating expense breakdown:

Expense Category Component	Q3 2025 Amount (Millions USD)
Total Reported Operating Expenses	$3.2
Operating Expenses Excluding Noncash/Securitization Costs	$2.8
Implied Cost for Stock Comp and Securitization Costs	$0.4

Management Fees

Angel Oak Mortgage, Inc. is externally managed and advised by an affiliate of Angel Oak Capital Advisors, LLC. This relationship involves management fees paid to the external manager for overseeing the asset management, lending, and capital markets activities. The specific dollar amount for Q3 2025 management fees is not explicitly itemized separately from the general operating expenses in the latest reports, but the fee structure is a key part of the cost base.

Securitization Costs and Underwriting/Issuance Costs

Costs associated with capital markets activity are substantial. This includes expenses for issuing new Residential Mortgage-Backed Securities (RMBS) deals and fees for public debt offerings. The May 2025 issuance of the 9.750% Senior Notes due 2030, totaling $40.0 million in principal, resulted in estimated issuance costs of approximately $1.8 million, based on reported net proceeds of $38.2 million. Furthermore, the servicing component of securitization is a recurring cost; for the AOMT 2025-10 deal, the weighted average gross administration fee rate was approximately 43.1 basis points.

The key cost drivers for Angel Oak Mortgage, Inc. are summarized below:

• Interest Expense (Q3 2025): $26.5 million.
• Total Operating Expenses (Q3 2025): $3.2 million.
• 9.750% Senior Notes Principal Issued (May 2025): $40.0 million.
• Estimated Senior Notes Underwriting Cost: $1.8 million.
• AOMT 2025-10 Securitization Size: $274.3 million.
• Weighted Average Servicing Fee Rate (AOMT 2025-10): 43.1 bps.

Angel Oak Mortgage, Inc. (AOMR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Angel Oak Mortgage, Inc. (AOMR) brings in money, which is heavily reliant on its mortgage asset portfolio. The primary driver here is the spread between what the assets earn and what the funding costs. This is the essence of their business.

Net Interest Income (NII): This is the spread between interest earned on assets and interest paid on debt. It's the key profitability metric for a finance company like Angel Oak Mortgage, Inc. (AOMR).

• Net interest income for the nine months ended September 30, 2025, was $30.2 million.
• For the third quarter of 2025 specifically, NII reached $10.2 million, marking a 12.9% increase versus Q3 2024 NII of $9.0 million.
• This nine-month NII figure represents an 11.6% increase compared to the $27.1 million reported for the nine months ended September 30, 2024.

Interest Income: This is the gross revenue generated from the interest-earning assets Angel Oak Mortgage, Inc. (AOMR) holds. It's a direct reflection of the size and yield of their portfolio.

• Total interest income was $104.6 million for the first nine months of 2025.
• In the third quarter of 2025 alone, total interest income surged to $36.7 million, a 34% increase from $27.4 million in Q3 2024.
• As of September 30, 2025, the weighted average interest rate of the residential whole loans portfolio was 7.98%.

The components driving this interest income are detailed in the asset structure. You can see how the income breaks down across the portfolio.

Revenue Component Detail	Q3 2025 Amount	Year-over-Year Change (vs Q3 2024)
Total Interest Income	$36.7 million	34% increase
Interest Income from Residential Loans in Securitization Trusts	$26.5 million	Increase from $18.6 million
Net Interest Income (NII)	$10.2 million	12.9% increase

Gains/Losses on Investments & Investment Income: Beyond the core NII, Angel Oak Mortgage, Inc. (AOMR) realizes income from managing its asset base, including sales and fair value adjustments. This is where the impact of strategic asset redeployment shows up.

• For the third quarter of 2025, GAAP net income was $11.4 million, or $0.46 per diluted share.
• Distributable earnings for Q3 2025 were $0.5 million, or $0.02 per diluted share.
• The difference between GAAP net income and distributable earnings in Q3 2025 was driven by impacts like $4.3 million of unrealized gains on residential loan portfolios.
• The company declared a dividend of $0.32 per share, payable on November 26, 2025.

The management team is actively working to enhance these streams. For example, subsequent to September 30, 2025, in October 2025, they issued AOMT 2025-10, an approximately $274.3 million scheduled unpaid principal balance securitization. They used proceeds to repay about $237.4 million of debt, releasing $22.1 million in cash for new loan purchases and operational purposes. If onboarding takes 14+ days, churn risk rises, but here, capital deployment is the focus. The total target assets stood at $2.5 billion as of September 30, 2025.

The recourse debt to equity ratio was approximately 1.9x as of September 30, 2025, but factoring in the October securitization, the estimate was closer to 1x. This is a key element of managing the cost side of the NII equation, which is defintely important for profitability.

Finance: draft 13-week cash view by Friday.