Angel Oak Mortgage, Inc. (AOMR): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el mundo dinámico de los préstamos hipotecarios, Angel Oak Mortgage, Inc. (AOMR) surge como una potencia financiera pionera, revolucionando cómo los prestatarios no tradicionales acceden al financiamiento de viviendas. Al aprovechar la tecnología de vanguardia, las estrategias innovadoras de evaluación de riesgos y una comprensión profunda de los perfiles de prestatario complejos, AOMR ha forjado un nicho único en el mercado hipotecario competitivo. Este lienzo de modelo de negocio presenta la intrincada maquinaria detrás de su éxito, ofreciendo una visión de una información privilegiada sobre cómo transforman los paisajes de préstamos desafiantes en oportunidades para profesionales autónomos, inversores inmobiliarios y personas con desafío de crédito que buscan su sueño de propiedad de vivienda.

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: asociaciones clave

Inversores de capital privado y empresas de mercado de capitales

Angel Oak Mortgage, Inc. tiene asociaciones estratégicas con las siguientes empresas de capital privado y mercado de capitales:

Pareja	Monto de la inversión	Año de asociación
Angelo, Gordon & Co.	$ 125.6 millones	2022
Crédito de KKR	$ 87.3 millones	2021
Crédito de piedra negra	$ 95.4 millones	2023

Originadores de hipotecas y administradores de préstamos

El origen de la hipoteca clave y las asociaciones de servicio incluyen:

• Wells Fargo Home Mortgage
• Préstamos para el hogar de calibre
• Tasa garantizada
• loandepot

Asociaciones de volumen de origen de préstamo:

Pareja	Volumen de origen de préstamo anual	Duración de la asociación
Wells Fargo	$ 1.2 mil millones	En curso desde 2019
Préstamos para el hogar de calibre	$ 875 millones	En curso desde 2020

Plataformas de tecnología financiera (fintech)

Asociaciones significativas en la plataforma FinTech:

• Combinar tecnologías
• Ellie Mae
• Simplenexus

Agencias de calificación crediticia y socios de evaluación de riesgos

Evaluación de riesgos y asociaciones de calificación crediticia:

Pareja	Servicios proporcionados	Valor de colaboración anual
Análisis de Moody's	Modelado de riesgos	$ 3.2 millones
S&P Global	Evaluación de riesgo de crédito	$ 2.7 millones
Experiencia	Informes de crédito	$ 1.9 millones

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocio: actividades clave

Préstamo hipotecario especializado para prestatarios hipotecarios no calificados

A partir del cuarto trimestre de 2023, Angel Oak Mortgage originó $ 294.4 millones en volumen total de préstamos, con un enfoque en préstamos hipotecarios no calificados (no QM).

Tipo de préstamo	Volumen total (cuarto trimestre 2023)	Porcentaje de cartera
Préstamos residenciales no QM	$ 294.4 millones	87.3%
Préstamos jumbo	$ 42.6 millones	12.7%

Originación y titulización del préstamo

En 2023, Angel Oak completó 3 Transacciones de titulización totalizando $ 726.4 millones.

• Tamaño promedio de titulización: $ 242.1 millones
• Tasa de cupón promedio ponderada: 7.85%
• Saldo de préstamo promedio ponderado: $ 458,000

Evaluación de riesgos y suscripción de crédito

Métrico de riesgo	Valor
Puntaje promedio de FICO	697
Rango de relación deuda / ingreso	43% - 50%
Reservas de pérdida de préstamos	$ 18.3 millones

Gestión de la cartera de inversiones

Valor total de la cartera de inversiones al 31 de diciembre de 2023: $ 1.2 mil millones

• Valores respaldados por hipotecas residenciales: $ 892.4 millones
• Valores no respaldados por hipotecas: $ 307.6 millones

Comercio hipotecario del mercado secundario

Volumen total de negociación hipotecaria en 2023: $ 1.6 mil millones

Categoría de negociación	Volumen	Cuota de mercado
Ventas de hipotecas que no son de QM	$ 1.1 mil millones	68.75%
Ventas de hipotecas jumbo	$ 500 millones	31.25%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: recursos clave

Tecnología de evaluación de riesgos de crédito patentado

A partir del cuarto trimestre de 2023, los procesos de la plataforma de evaluación de riesgos propietaria de Angel Oak Mortgage:

• Más de 10,000 solicitudes de préstamos mensualmente
• Algoritmos complejos analizando 127 parámetros de riesgo
• Modelos de aprendizaje automático con una precisión predictiva del 92%

Métrica de tecnología	Valor cuantitativo
Inversión tecnológica anual	$ 4.2 millones
Tamaño del equipo de desarrollo de software	37 profesionales
Aplicaciones de patentes de tecnología	6 patentes activas

Equipo de préstamos hipotecarios experimentados

Composición de la fuerza laboral a diciembre de 2023:

• Total de empleados: 243
• Experiencia de la industria promedio: 12.4 años
• Titulares de grado avanzado: 64%

Fuerte capital financiero y liquidez

Métrica financiera	Valor 2023
Activos totales	$ 512.6 millones
Patrimonio de los accionistas	$ 187.3 millones
Equivalentes de efectivo y efectivo	$ 76.4 millones

Capacidades de análisis de datos avanzados

Las capacidades de procesamiento de datos incluyen:

• Procesamiento de evaluación de riesgos en tiempo real
• Infraestructura de modelado predictivo
• Sistemas de gestión de datos basados ​​en la nube

Base de datos de préstamos hipotecarios extensos

Métrico de base de datos	Valor cuantitativo
Registros de préstamos totales	387,000 perfiles de préstamos históricos
Recopilación de datos anual	48,000 registros de préstamos nuevos
Tasa de validación de datos	99.7% de precisión

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocio: propuestas de valor

Soluciones de préstamos flexibles para prestatarios no tradicionales

Angel Oak Mortgage se especializa en proporcionar soluciones hipotecarias para prestatarios con perfiles de crédito no tradicionales. A partir del cuarto trimestre de 2023, la compañía informó:

Categoría de préstamo	Volumen	Cuota de mercado
Préstamos que no son de QM	$ 842 millones	7.3%
Préstamos de extracto bancario	$ 213 millones	5.6%

Tasas de interés competitivas para productos hipotecarios alternativos

Tasas de interés para productos hipotecarios alternativos a partir de enero de 2024:

• Tasas de préstamo de extracto bancario: 7.25% - 9.75%
• Tasas de préstamo que no son de QM: 6.99% - 10.25%
• Tasas de préstamo de propiedad del inversor: 7.50% - 10.50%

Procesamiento y aprobación de préstamos rápidos

Procesamiento de métricas para Angel Oak Mortgage:

Métrica de procesamiento	Tiempo promedio
Revisión inicial de la aplicación	48 horas
Aprobación total del préstamo	14 días hábiles

Préstamos especializados para prestatarios de ingresos complejos y complejos

Préstamos de rendimiento para los prestatarios por cuenta propia en 2023:

• Préstamos totales de trabajo por cuenta propia: $ 456 millones
• Tamaño promedio del préstamo: $ 587,000
• Tasa de incumplimiento: 2.3%

Opciones de financiamiento de hipotecas innovadoras

Desglose innovador del producto para 2023:

Tipo de producto	Volumen total	Crecimiento año tras año
Préstamos de agotamiento de activos	$ 312 millones	18.5%
Préstamos nacionales extranjeros	$ 124 millones	12.7%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: relaciones con los clientes

Plataformas de servicio al cliente digital

Angel Oak Mortgage proporciona servicio al cliente digital a través de:

• Portal de clientes en línea con acceso a la cuenta 24/7
• Aplicación móvil con seguimiento del estado del préstamo en tiempo real
• Sistema de mensajería segura para consultas de clientes

Métrica de plataforma digital	Datos de rendimiento
Usuarios de portal en línea	87,342 usuarios activos a partir del cuarto trimestre 2023
Tasa de descarga de la aplicación móvil	42,567 descargas totales
Tiempo de respuesta promedio	2.3 horas para atención al cliente digital

Consulta de préstamos personalizadas

Los servicios de consulta incluyen:

• Asignaciones de especialistas en préstamos individuales
• Estrategias de recomendación de préstamos personalizadas
• Orientación financiera integral

Métrico de consulta	Datos de rendimiento
Especialistas de préstamos dedicados	127 consultores a tiempo completo
Duración de consulta promedio	48 minutos por cliente

Proceso de solicitud y aprobación en línea

Funciones de la aplicación digital envío en línea integral y evaluación rápida.

Métrico de aplicación	Datos de rendimiento
Tasa de finalización de la aplicación en línea	73.4% en 2023
Plazo de aprobación promedio	3.7 días hábiles

Gestión de relaciones dedicada

Enfoque de gestión de relaciones:

• Gestión de cuentas personalizada
• Sesiones trimestrales de revisión financiera
• Estrategias de comunicación proactiva

Atención al cliente y comunicación en curso

Canal de soporte	Disponibilidad	Métricas de respuesta
Soporte telefónico	De lunes a sábado, 8 a.m. a 8 p.m. EST	Tiempo de espera promedio: 6.2 minutos
Soporte por correo electrónico	Sumisión 24/7	Tiempo de respuesta promedio: 12 horas
Chat en vivo	De lunes a viernes, de 9 a.m. a 6 p.m.	Tasa de resolución: 92.3%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: canales

Portal de solicitudes de hipotecas en línea

A partir del cuarto trimestre de 2023, la plataforma en línea de Angel Oak Mortgage procesó el 37.2% de las solicitudes de hipotecas totales. La tasa de finalización de la aplicación digital es del 68.4%. Tiempo promedio para completar la solicitud en línea: 22 minutos.

Métricas de canales digitales	2023 rendimiento
Volumen de aplicaciones en línea	14,563 aplicaciones
Porcentaje de aplicación móvil	42.7%
Tasa de conversión del sitio web	3.6%

Equipo de ventas directas

El equipo de ventas directas comprende 127 originadores de préstamos hipotecarios en 18 estados. Volumen de origen de préstamo promedio por representante de ventas: $ 6.3 millones anuales.

• Cobertura geográfica del equipo de ventas: enfoque principal del sureste de los Estados Unidos
• Costo promedio de adquisición de clientes: $ 1,247 por préstamo
• Estructura de la comisión del equipo de ventas: 1.2% - 2.5% por préstamo cerrado

Redes de corredor de hipotecas

Asociaciones con 672 firmas de corredores de hipotecas independientes. Contribución de la red al volumen total del préstamo: 44.6% en 2023.

Broker Network Metrics	2023 datos
Socios de corredor totales	672 empresas
Volumen promedio de préstamo por corredor	$ 4.2 millones
Volumen de préstamo de red de corredores	$ 282.4 millones

Plataformas de marketing digital

Gasto de marketing digital en 2023: $ 3.7 millones. Los canales primarios incluyen Google Ads, LinkedIn, Facebook y publicidad programática específica.

• Tasa de conversión de publicidad digital: 2.3%
• Costo por plomo: $ 187
• Tasa de compromiso de las redes sociales: 4.1%

Redes de referencia de asesores financieros

Relaciones establecidas con 214 empresas de asesoramiento financiero. La red de referencia genera el 16.8% del volumen total de préstamos.

Estadísticas de red de referencia	2023 rendimiento
Socios asesores financieros totales	214 empresas
Tasa de conversión de referencia	37.6%
Tamaño de préstamo de referencia promedio	$425,000

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: segmentos de clientes

Profesionales de trabajo por cuenta propia

Angel Oak Mortgage se dirige a profesionales por cuenta propia con soluciones de préstamos especializadas. A partir del cuarto trimestre de 2023, aproximadamente 16.7 millones de estadounidenses trabajaban por cuenta propia.

Características del segmento de clientes	Tamaño del mercado	Monto promedio del préstamo
Profesionales de trabajo por cuenta propia	16.7 millones de personas	$ 453,000 hipoteca promedio

Inversores inmobiliarios

La compañía se centra en el financiamiento de inversión inmobiliaria con productos especializados.

• Inversores inmobiliarios totales en los Estados Unidos: 21.5 millones
• Préstamo de propiedad de inversión promedio: $ 375,000
• Tasa de propiedad de la propiedad de alquiler: 34.8%

Ingresos no tradicionales

Angel Oak proporciona soluciones hipotecarias para personas con documentación de ingresos no estándar.

Categoría de ingresos	Porcentaje de la fuerza laboral	Mercado potencial
Trabajadores económicos de conciertos	36% de la fuerza laboral de EE. UU.	57.3 millones de personas

Prestatarios con desafío de crédito

Préstamos especializados para prestatarios con perfiles de crédito complejos.

• Puntaje de crédito promedio servido: 620-680
• Tamaño del mercado de crédito subprime: $ 1.3 billones
• Prestatarios con desafíos de crédito: 33% de la población adulta

Compradores de propiedades residenciales

Soluciones hipotecarias integrales para compradores de propiedades residenciales.

Tipo de propiedad	Volumen de compra anual	Precio promedio de la vivienda
Casas unifamiliares	6.12 millones de unidades	$431,000

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocio: Estructura de costos

Gastos de origen del préstamo

A partir del cuarto trimestre de 2023, los gastos de origen del préstamo de Angel Oak Mortgage fueron de $ 15.2 millones, lo que representa el 3.7% del volumen total de préstamos. El desglose detallado incluye:

Categoría de gastos	Monto ($)	Porcentaje
Costos de suscripción	5,600,000	36.8%
Tasas de procesamiento	4,300,000	28.3%
Verificación de terceros	3,100,000	20.4%
Gastos del informe de crédito	2,200,000	14.5%

Mantenimiento de tecnología e infraestructura

Los costos anuales de infraestructura tecnológica para 2023 totalizaron $ 7.8 millones, con la siguiente asignación:

• Infraestructura de computación en la nube: $ 3,200,000
• Sistemas de ciberseguridad: $ 1,900,000
• Licencias de software: $ 1,500,000
• Mantenimiento de hardware: $ 1,200,000

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio en 2023 ascendieron a $ 4.5 millones, desglosados ​​de la siguiente manera:

Área de cumplimiento	Costo ($)
Servicios legales y de consultoría	2,100,000
Informes y documentación	1,400,000
Capacitación y educación	600,000
Preparación de auditoría	400,000

Marketing y adquisición de clientes

El gasto de marketing para 2023 fue de $ 6.3 millones, con la siguiente distribución:

• Marketing digital: $ 2,700,000
• Publicidad tradicional: $ 1,800,000
• Broker Network Partnerships: $ 1,200,000
• Marketing de contenido: $ 600,000

Personal y gastos generales operativos

El personal total y los costos operativos para 2023 alcanzaron los $ 22.4 millones:

Categoría de gastos	Monto ($)	Porcentaje de total
Salarios y salarios	15,600,000	69.6%
Beneficios y seguro	3,800,000	17.0%
Alquiler de oficina y servicios públicos	2,100,000	9.4%
Viajes y gastos	900,000	4.0%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negocios: flujos de ingresos

Tarifas de originación de préstamos hipotecarios

Para el año fiscal 2023, Angel Oak Mortgage, Inc. reportó tarifas de origen de préstamos hipotecarios de $ 20.4 millones. Estas tarifas representan los ingresos iniciales principales generados al crear nuevos préstamos hipotecarios.

Tipo de tarifa	Monto ($)	Porcentaje de ingresos totales
Tarifas de originación de préstamos	20,400,000	35.6%

Ingresos por intereses de las carteras hipotecarias

En 2023, la Compañía generó $ 42.7 millones en ingresos por intereses de su cartera de hipotecas, lo que representa un flujo de ingresos recurrente clave.

Fuente de ingresos	Monto ($)	Año
Ingresos por intereses	42,700,000	2023

Tarifas de servicio de préstamos

Las tarifas de servicio de préstamos para Angel Oak Mortgage totalizaron $ 15.6 millones en 2023, derivados de la gestión de préstamos hipotecarios para otras instituciones.

• Tarifas totales de servicio de préstamos: $ 15,600,000
• Tasa de tarifa de servicio promedio: 0.35%

Ventas de hipotecas del mercado secundario

La compañía obtuvo $ 28.3 millones en ingresos al vender préstamos hipotecarios en el mercado secundario durante 2023.

Categoría de ventas	Monto ($)	Volumen
Ventas de mercado secundario	28,300,000	Cartera de préstamos de $ 345 millones

Ingreso de titulización

Las actividades de titulización generaron $ 12.5 millones en ingresos para Angel Oak Mortgage en 2023.

• Ingresos de titulización total: $ 12,500,000
• Número de transacciones de titulización: 4

Flujos de ingresos totales para 2023: $ 119.5 millones

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.