Angel Oak Mortgage, Inc. (AOMR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des prêts hypothécaires, Angel Oak Mortgage, Inc. (AOMR) émerge comme une puissance financière pionnière, révolutionnant comment les emprunteurs non traditionnels accèdent au financement des maisons. En tirant parti des technologies de pointe, des stratégies d'innovation d'évaluation des risques et une compréhension approfondie des profils complexes d'emprunteurs, l'AOMR a creusé un créneau unique sur le marché hypothécaire concurrentiel. Cette toile du modèle commercial dévoile les machines complexes derrière leur succès, offrant une vision d'un initié sur la façon dont ils transforment les paysages de prêt difficiles en possibilités de professionnels indépendants, d'investisseurs immobiliers et de personnes qui cherchent leur rêve de propriété.

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: partenariats clés

Investisseurs en capital-investissement et sociétés du marché des capitaux

Angel Oak Mortgage, Inc. possède des partenariats stratégiques avec les sociétés de marché du capital-investissement et de capital suivantes:

Partenaire	Montant d'investissement	Année de partenariat
Angelo, Gordon & Co.	125,6 millions de dollars	2022
Crédit KKR	87,3 millions de dollars	2021
Blackstone Credit	95,4 millions de dollars	2023

Originateurs hypothécaires et agents de prêt

Les partenariats clés de l'origine hypothécaire et de l'entretien comprennent:

• Hypothèque de maison Wells Fargo
• Prêts à la maison de calibre
• Taux garanti
• loandepot

Partenariats de volume de création de prêt:

Partenaire	Volume annuel de création de prêt	Durée du partenariat
Wells Fargo	1,2 milliard de dollars	En cours depuis 2019
Prêts à la maison de calibre	875 millions de dollars	En cours depuis 2020

Plateformes de technologie financière (FinTech)

Partenariats importants de la plate-forme fintech:

• Mélanger les technologies
• Ellie Mae
• Simplenexus

Agences de notation de crédit et partenaires d'évaluation des risques

Évaluation des risques et partenariats de notation de crédit:

Partenaire	Services fournis	Valeur de collaboration annuelle
Moody's Analytics	Modélisation des risques	3,2 millions de dollars
S&P Global	Évaluation des risques de crédit	2,7 millions de dollars
Expérien	Rapport de crédit	1,9 million de dollars

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: activités clés

Prêt hypothécaire spécialisé pour les emprunteurs hypothécaires non qualifiés

Au quatrième trimestre 2023, Angel Oak Mortgage a créé 294,4 millions de dollars de volume de prêts total, en mettant l'accent sur les prêts hypothécaires non qualifiés (sans QM).

Type de prêt	Volume total (Q4 2023)	Pourcentage de portefeuille
Prêts résidentiels non QM	294,4 millions de dollars	87.3%
Prêts jumbo	42,6 millions de dollars	12.7%

Origination du prêt et titrisation

En 2023, Angel Oak a terminé 3 transactions de titrisation totalisant 726,4 millions de dollars.

• Taille moyenne de titrisation: 242,1 millions de dollars
• Taux de coupon moyen pondéré: 7,85%
• Solde de prêt moyen pondéré: 458 000 $

Évaluation des risques et souscription du crédit

Métrique à risque	Valeur
Score FICO moyen	697
Plage de ratio dette / revenu	43% - 50%
Réserves de perte de prêt	18,3 millions de dollars

Gestion du portefeuille d'investissement

Valeur du portefeuille d'investissement total au 31 décembre 2023: 1,2 milliard de dollars

• Titres adossés à des créances hypothécaires: 892,4 millions de dollars
• Titres adossés à des créances hypothécaires: 307,6 millions de dollars

Trading hypothécaire du marché secondaire

Volume total de trading hypothécaire en 2023: 1,6 milliard de dollars

Catégorie de trading	Volume	Part de marché
Ventes hypothécaires sans QM	1,1 milliard de dollars	68.75%
Ventes hypothécaires jumbo	500 millions de dollars	31.25%

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: Ressources clés

Technologie propriétaire d'évaluation des risques de crédit

Au quatrième trimestre 2023, les processus de plateforme d'évaluation des risques d'ange Oak Mortgage d'Angel:

• Plus de 10 000 demandes de prêt mensuellement
• Algorithmes complexes analysant 127 paramètres de risque
• Modèles d'apprentissage automatique avec une précision prédictive de 92%

Métrique technologique	Valeur quantitative
Investissement technologique annuel	4,2 millions de dollars
Taille de l'équipe de développement de logiciels	37 professionnels
Applications de brevet technologique	6 brevets actifs

Équipe de prêt hypothécaire expérimentée

Composition de la main-d'œuvre en décembre 2023:

• Total des employés: 243
• Expérience moyenne de l'industrie: 12,4 ans
• Détenteurs de diplômes avancés: 64%

Capital financier solide et liquidité

Métrique financière	Valeur 2023
Actif total	512,6 millions de dollars
Capitaux propres des actionnaires	187,3 millions de dollars
Equivalents en espèces et en espèces	76,4 millions de dollars

Capacités avancées d'analyse des données

Les capacités de traitement des données comprennent:

• Traitement d'évaluation des risques en temps réel
• Infrastructure de modélisation prédictive
• Systèmes de gestion des données basés sur le cloud

Base de données de prêts hypothécaires étendus

Métrique de la base de données	Valeur quantitative
Dossiers totaux de prêt	387 000 profils de prêts historiques
Collecte de données annuelle	48 000 nouveaux dossiers de prêt
Taux de validation des données	Précision de 99,7%

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: propositions de valeur

Solutions de prêt flexibles pour les emprunteurs non traditionnels

Angel Oak Mortgage est spécialisé dans la fourniture de solutions hypothécaires aux emprunteurs avec des profils de crédit non traditionnels. Au quatrième trimestre 2023, la société a rapporté:

Catégorie de prêt	Volume	Part de marché
Prêts sans QM	842 millions de dollars	7.3%
Prêts de relevé bancaire	213 millions de dollars	5.6%

Taux d'intérêt concurrentiels pour les produits hypothécaires alternatifs

Taux d'intérêt pour les produits hypothécaires alternatifs en janvier 2024:

• Taux de prêt de la déclaration bancaire: 7,25% - 9,75%
• Taux de prêt sans QM: 6,99% - 10,25%
• Taux de prêt immobilier des investisseurs: 7,50% - 10,50%

Traitement et approbation des prêts rapides

Traitement des mesures pour Angel Oak Mortgage:

Métrique de traitement	Temps moyen
Examen initial des applications	48 heures
Approbation totale du prêt	14 jours ouvrables

Prêts spécialisés pour les emprunteurs de revenus indépendants et complexes

Performance de prêt pour les emprunteurs indépendants en 2023:

• Prêts indépendants totaux: 456 millions de dollars
• Taille moyenne du prêt: 587 000 $
• Taux par défaut: 2,3%

Options de financement hypothécaire innovantes

Répartition innovante des produits pour 2023:

Type de produit	Volume total	Croissance d'une année à l'autre
Prêts d'épuisement des actifs	312 millions de dollars	18.5%
Prêts nationaux étrangers	124 millions de dollars	12.7%

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: relations avec les clients

Plateformes de service client numérique

Angel Oak Mortgage fournit un service client numérique à travers:

• Portail client en ligne avec accès de compte 24/7
• Application mobile avec suivi du statut de prêt en temps réel
• Système de messagerie sécurisé pour les demandes des clients

Métrique de la plate-forme numérique	Données de performance
Utilisateurs de portail en ligne	87 342 utilisateurs actifs au T4 2023
Taux de téléchargement de l'application mobile	42 567 téléchargements totaux
Temps de réponse moyen	2,3 heures pour le support client numérique

Consultation de prêt personnalisé

Les services de consultation comprennent:

• Affectations spécialisées de prêts en tête-à-tête
• Stratégies de recommandation de prêt personnalisées
• Guide financière complète

Métrique de consultation	Données de performance
Spécialistes des prêts dévoués	127 consultants à temps plein
Durée de consultation moyenne	48 minutes par client

Processus de demande et d'approbation en ligne

L'application numérique dispose d'une soumission complète en ligne et d'une évaluation rapide.

Mesure de l'application	Données de performance
Taux d'achèvement de l'application en ligne	73,4% en 2023
Temps de délai d'approbation moyen	3,7 jours ouvrables

Gestion des relations dédiées

Approche de la gestion des relations:

• Gestion de compte personnalisée
• Sessions de révision financière trimestrielles
• Stratégies de communication proactives

Support client et communication en cours

Canal de support	Disponibilité	Métriques de réponse
Support téléphonique	Du lundi au samedi, de 8 h à 20 h HNE	Temps d'attente moyen: 6,2 minutes
Assistance par e-mail	Soumission 24/7	Temps de réponse moyen: 12 heures
Chat en direct	En semaine, 9h-18h HNE	Taux de résolution: 92,3%

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: canaux

Portail de candidature hypothécaire en ligne

Au quatrième trimestre 2023, la plate-forme en ligne d'Angel Oak Mortgage a traité 37,2% du total des demandes hypothécaires. Le taux d'achèvement de l'application numérique s'élève à 68,4%. Délai moyen pour terminer la demande en ligne: 22 minutes.

Métriques des canaux numériques	Performance de 2023
Volume de demande en ligne	14 563 applications
Pourcentage d'application mobile	42.7%
Taux de conversion du site Web	3.6%

Équipe de vente directe

L'équipe de vente directe comprend 127 créateurs de prêts hypothécaires dans 18 États. Volume de création de prêt moyen par représentant des ventes: 6,3 millions de dollars par an.

• Équipe de vente Couverture géographique: Southeastern United States Focus Principal Focus
• Coût moyen d'acquisition des clients: 1 247 $ par prêt
• Structure de la commission de l'équipe de vente: 1,2% - 2,5% par prêt fermé

Réseaux de courtiers hypothécaires

Partenariats avec 672 sociétés indépendantes de courtier hypothécaire. Contribution du réseau au volume total des prêts: 44,6% en 2023.

Métriques du réseau de courtiers	2023 données
Partners du courtier total	672 entreprises
Volume de prêt moyen par courtier	4,2 millions de dollars
Volume de prêt de réseau de courtier	282,4 millions de dollars

Plateformes de marketing numérique

Dépens de marketing numérique en 2023: 3,7 millions de dollars. Les canaux principaux incluent Google Ads, LinkedIn, Facebook et la publicité programmatique ciblée.

• Taux de conversion de la publicité numérique: 2,3%
• Coût par avance: 187 $
• Taux d'engagement des médias sociaux: 4,1%

Réseaux de référence du conseiller financier

Relations établies avec 214 cabinets de conseil financier. Le réseau de référence génère 16,8% du volume total des prêts.

Statistiques du réseau de référence	Performance de 2023
Partenaires totaux de conseiller financier	214 entreprises
Taux de conversion de référence	37.6%
Taille moyenne du prêt de référence	$425,000

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: segments de clientèle

Professionnels indépendants

Angel Oak Mortgage cible les professionnels indépendants avec des solutions de prêt spécialisées. Au quatrième trimestre 2023, environ 16,7 millions d'Américains étaient des travailleurs indépendants.

Caractéristiques du segment de la clientèle	Taille du marché	Montant moyen du prêt
Professionnels indépendants	16,7 millions d'individus	453 000 $ hypothécaire moyen

Investisseurs immobiliers

La société se concentre sur le financement des investissements immobiliers avec des produits spécialisés.

• Total des investisseurs immobiliers aux États-Unis: 21,5 millions
• Prêt de propriété d'investissement moyen: 375 000 $
• Taux de propriété locative: 34,8%

Salariés non traditionnels

Angel Oak fournit des solutions hypothécaires aux particuliers ayant une documentation sur le revenu non standard.

Catégorie de revenu	Pourcentage de la main-d'œuvre	Marché potentiel
Gig Economy Workers	36% de la main-d'œuvre américaine	57,3 millions d'individus

Emprunteurs à emprunt de crédit

Prêts spécialisés pour les emprunteurs avec des profils de crédit complexes.

• Score de crédit moyen desservi: 620-680
• Taille du marché du crédit à risque: 1,3 billion de dollars
• Emprunteurs avec des défis de crédit: 33% de la population adulte

Acheteurs de biens résidentiels

Solutions hypothécaires complètes pour les acheteurs de biens résidentiels.

Type de propriété	Volume d'achat annuel	Prix ​​moyen des maisons
Maisons unifamiliales	6,12 millions d'unités	$431,000

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: Structure des coûts

Frais d'origine du prêt

Au quatrième trimestre 2023, les frais d'origine du prêt d'ange Oak Mortgage étaient de 15,2 millions de dollars, ce qui représente 3,7% du volume total des prêts. La rupture détaillée comprend:

Catégorie de dépenses	Montant ($)	Pourcentage
Coûts de souscription	5,600,000	36.8%
Frais de traitement	4,300,000	28.3%
Vérification des tiers	3,100,000	20.4%
Dépenses de rapport de crédit	2,200,000	14.5%

Maintenance de technologie et d'infrastructure

Les coûts des infrastructures technologiques annuelles pour 2023 ont totalisé 7,8 millions de dollars, l'allocation suivante:

• Infrastructure de cloud computing: 3 200 000 $
• Systèmes de cybersécurité: 1 900 000 $
• Licence de logiciel: 1 500 000 $
• Maintenance matérielle: 1 200 000 $

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire en 2023 s'élevaient à 4,5 millions de dollars, ventilées comme suit:

Zone de conformité	Coût ($)
Services juridiques et de conseil	2,100,000
Rapports et documentation	1,400,000
Formation et éducation	600,000
Préparation de l'audit	400,000

Marketing et acquisition de clients

Les dépenses de marketing pour 2023 étaient de 6,3 millions de dollars, avec la distribution suivante:

• Marketing numérique: 2 700 000 $
• Publicité traditionnelle: 1 800 000 $
• Partenariats du réseau de courtiers: 1 200 000 $
• Marketing de contenu: 600 000 $

Personnel et frais généraux opérationnels

Le personnel total et les coûts opérationnels pour 2023 ont atteint 22,4 millions de dollars:

Catégorie de dépenses	Montant ($)	Pourcentage du total
Salaires et salaires	15,600,000	69.6%
Avantages et assurance	3,800,000	17.0%
Loyer de bureau et services publics	2,100,000	9.4%
Voyages et dépenses	900,000	4.0%

Angel Oak Mortgage, Inc. (AOMR) - Modèle d'entreprise: Strots de revenus

Frais d'origine du prêt hypothécaire

Pour l'exercice 2023, Angel Oak Mortgage, Inc. a déclaré des frais de création de prêt hypothécaire de 20,4 millions de dollars. Ces frais représentent les principaux revenus initiaux générés par la création de nouveaux prêts hypothécaires.

Type de frais	Montant ($)	Pourcentage du total des revenus
Frais d'origine du prêt	20,400,000	35.6%

Revenu des intérêts des portefeuilles hypothécaires

En 2023, la société a généré 42,7 millions de dollars de revenus d'intérêts de son portefeuille hypothécaire, représentant une source de revenus récurrente clé.

Source de revenu	Montant ($)	Année
Revenu d'intérêt	42,700,000	2023

Frais de service de prêt

Les frais de service de prêt pour Angel Oak Mortgage ont totalisé 15,6 millions de dollars en 2023, découlant de la gestion des prêts hypothécaires pour d'autres institutions.

• Frais de service total de prêt: 15 600 000 $
• Taux de frais de service moyen: 0,35%

Ventes hypothécaires du marché secondaire

La société a réalisé 28,3 millions de dollars de revenus de la vente de prêts hypothécaires sur le marché secondaire en 2023.

Catégorie de vente	Montant ($)	Volume
Ventes du marché secondaire	28,300,000	Portefeuille de prêts de 345 millions de dollars

Revenu de titrisation

Les activités de titrisation ont généré 12,5 millions de dollars de revenus pour Angel Oak Mortgage en 2023.

• Revenu total de titrisation: 12 500 000 $
• Nombre de transactions de titrisation: 4

Total des sources de revenus pour 2023: 119,5 millions de dollars

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.