Angel Oak Mortgage, Inc. (AOMR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos empréstimos hipotecários, a Angel Oak Mortgage, Inc. (AOMR) surge como uma potência financeira pioneira, revolucionando como os mutuários não tradicionais acessa o financiamento doméstico. Ao alavancar a tecnologia de ponta, estratégias inovadoras de avaliação de risco e um profundo entendimento dos perfis complexos do mutuário, a AOMR criou um nicho único no mercado de hipotecas competitivas. Essa tela de modelo de negócios revela o intrincado maquinário por trás de seu sucesso, oferecendo uma visão de um membro de como eles transformam paisagens desafiadoras empréstimos em oportunidades para profissionais autônomos, investidores imobiliários e indivíduos desafiados por crédito que procuram seu sonho de propriedade de casa.

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: Parcerias -chave

Investidores de private equity e empresas de mercado de capitais

Angel Oak Mortgage, Inc. tem parcerias estratégicas com as seguintes empresas de private equity e capitais:

Parceiro	Valor do investimento	Ano de parceria
Angelo, Gordon & Co.	US $ 125,6 milhões	2022
Crédito KKR	US $ 87,3 milhões	2021
Crédito Blackstone	US $ 95,4 milhões	2023

Originadores de hipotecas e emprestadores

As principais parcerias de origem e manutenção da hipoteca incluem:

• Wells Fargo Home Hipoteca
• Empréstimos à habitação de calibre
• Taxa garantida
• Loandepot

Parcerias de volume de originação de empréstimos:

Parceiro	Volume anual de originação de empréstimos	Duração da parceria
Wells Fargo	US $ 1,2 bilhão	Em andamento desde 2019
Empréstimos à habitação de calibre	US $ 875 milhões	Em andamento desde 2020

Plataformas de tecnologia financeira (fintech)

Parcerias significativas da plataforma de fintech:

• Blend Technologies
• Ellie Mae
• Símenexus

Agências de classificação de crédito e parceiros de avaliação de risco

Avaliação de risco e parcerias de classificação de crédito:

Parceiro	Serviços prestados	Valor anual de colaboração
A análise da Moody	Modelagem de risco	US $ 3,2 milhões
S&P Global	Avaliação de risco de crédito	US $ 2,7 milhões
Experian	Relatórios de crédito	US $ 1,9 milhão

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: Atividades -chave

Empréstimos hipotecários especializados para mutuários de hipotecas não qualificadas

A partir do quarto trimestre de 2023, a Angel Oak Mortgage originou US $ 294,4 milhões em volume total de empréstimos, com foco em empréstimos hipotecários não qualificados (não-QM).

Tipo de empréstimo	Volume total (Q4 2023)	Porcentagem de portfólio
Empréstimos residenciais não QM	US $ 294,4 milhões	87.3%
Empréstimos jumbo	US $ 42,6 milhões	12.7%

Originação e securitização de empréstimos

Em 2023, Angel Oak concluiu 3 transações de securitização totalizando US $ 726,4 milhões.

• Tamanho médio de securitização: US $ 242,1 milhões
• Taxa média ponderada de cupom: 7,85%
• Saldo médio de empréstimo ponderado: US $ 458.000

Avaliação de risco e subscrição de crédito

Métrica de risco	Valor
Pontuação média do FICO	697
Faixa de relação dívida / renda	43% - 50%
Reservas de perda de empréstimos	US $ 18,3 milhões

Gerenciamento de portfólio de investimentos

Valor total do portfólio de investimentos em 31 de dezembro de 2023: US $ 1,2 bilhão

• Valores mobiliários lastreados em hipotecas residenciais: US $ 892,4 milhões
• Valores mobiliários lastreados em hipotecas: US $ 307,6 milhões

Negociação de hipotecas de mercado secundário

Volume total de negociação de hipotecas em 2023: US $ 1,6 bilhão

Categoria de negociação	Volume	Quota de mercado
Vendas de hipotecas não QM	US $ 1,1 bilhão	68.75%
Vendas de hipotecas jumbo	US $ 500 milhões	31.25%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: Recursos -chave

Tecnologia de avaliação de risco de crédito proprietário

A partir do quarto trimestre de 2023, os processos de plataforma de avaliação de risco proprietários da Angel Oak Mortgage:

• Mais de 10.000 pedidos de empréstimo mensalmente
• Algoritmos complexos analisando 127 parâmetros de risco
• Modelos de aprendizado de máquina com precisão preditiva de 92%

Métrica de tecnologia	Valor quantitativo
Investimento de tecnologia anual	US $ 4,2 milhões
Tamanho da equipe de desenvolvimento de software	37 profissionais
Aplicações de patentes de tecnologia	6 patentes ativas

Equipe experiente de empréstimo hipotecário

Composição da força de trabalho em dezembro de 2023:

• Total de funcionários: 243
• Experiência média da indústria: 12,4 anos
• Titulares de graduação avançada: 64%

Forte capital financeiro e liquidez

Métrica financeira	2023 valor
Total de ativos	US $ 512,6 milhões
Equidade dos acionistas	US $ 187,3 milhões
Caixa e equivalentes de dinheiro	US $ 76,4 milhões

Recursos avançados de análise de dados

Os recursos de processamento de dados incluem:

• Processamento de avaliação de risco em tempo real
• Infraestrutura de modelagem preditiva
• Sistemas de gerenciamento de dados baseados em nuvem

Extenso banco de dados de empréstimos hipotecários

Métrica do banco de dados	Valor quantitativo
Total de registros de empréstimos	387.000 perfis de empréstimos históricos
Coleta anual de dados	48.000 novos registros de empréstimo
Taxa de validação de dados	99,7% de precisão

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: proposições de valor

Soluções de empréstimos flexíveis para mutuários não tradicionais

Angel Oak Mortgage é especializado em fornecer soluções hipotecárias para mutuários com perfis de crédito não tradicionais. A partir do quarto trimestre 2023, a empresa informou:

Categoria de empréstimo	Volume	Quota de mercado
Empréstimos não QM	US $ 842 milhões	7.3%
Empréstimos para extratos bancários	US $ 213 milhões	5.6%

Taxas de juros competitivas para produtos hipotecários alternativos

Taxas de juros para produtos hipotecários alternativos em janeiro de 2024:

• Taxas de empréstimo de demonstração bancária: 7,25% - 9,75%
• Taxas de empréstimo não -QM: 6,99% - 10,25%
• Taxas de empréstimos a propriedades para investidores: 7,50% - 10,50%

Processamento e aprovação de empréstimos rápidos

Processando métricas para Hipoteca Angel Oak:

Métrica de processamento	Tempo médio
Revisão inicial do aplicativo	48 horas
Aprovação total do empréstimo	14 dias úteis

Empréstimos especializados para trabalhadores de renda por conta própria e complexos

Desempenho de empréstimos para os mutuários autônomos em 2023:

• Empréstimos autônomos totais: US $ 456 milhões
• Tamanho médio do empréstimo: US $ 587.000
• Taxa padrão: 2,3%

Opções inovadoras de financiamento hipotecário

Redução inovadora de produtos para 2023:

Tipo de produto	Volume total	Crescimento ano a ano
Empréstimos de depleção de ativos	US $ 312 milhões	18.5%
Empréstimos nacionais estrangeiros	US $ 124 milhões	12.7%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de atendimento ao cliente digital

Angel Oak Mortgage fornece atendimento ao cliente digital por meio de:

• Portal de clientes on -line com acesso à conta 24/7
• Aplicativo móvel com rastreamento de status de empréstimo em tempo real
• Sistema de mensagens seguro para consultas de clientes

Métrica da plataforma digital	Dados de desempenho
Usuários de portal online	87.342 usuários ativos a partir do quarto trimestre 2023
Taxa de download de aplicativos móveis	42.567 downloads totais
Tempo médio de resposta	2,3 horas para suporte ao cliente digital

Consulta de empréstimo personalizado

Os serviços de consulta incluem:

• Tarefas de especialistas em empréstimos individuais
• Estratégias de recomendação de empréstimo personalizadas
• Orientação financeira abrangente

Métrica de consulta	Dados de desempenho
Especialistas em empréstimos dedicados	127 consultores em tempo integral
Duração média da consulta	48 minutos por cliente

Processo de Aplicativo e Aprovação Online

O aplicativo digital apresenta envio on -line abrangente e avaliação rápida.

Métrica de aplicação	Dados de desempenho
Taxa de conclusão de aplicativos online	73,4% em 2023
Período de aprovação média	3.7 dias úteis

Gerenciamento de relacionamento dedicado

Abordagem de gerenciamento de relacionamento:

• Gerenciamento de contas personalizado
• Sessões trimestrais de revisão financeira
• Estratégias de comunicação proativa

Suporte e comunicação em andamento

Canal de suporte	Disponibilidade	Métricas de resposta
Suporte telefônico	Segunda a sábado, das 8h às 20h Est	Tempo médio de espera: 6,2 minutos
Suporte por e -mail	Submissão 24/7	Tempo médio de resposta: 12 horas
Bate -papo ao vivo	Dados da semana, das 9h às 18h est	Taxa de resolução: 92,3%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de Negócios: Canais

Portal de aplicação de hipoteca on -line

A partir do quarto trimestre 2023, a plataforma on -line da Angel Oak Mortgage processou 37,2% do total de pedidos de hipoteca. A taxa de conclusão do aplicativo digital é de 68,4%. Tempo médio para concluir o aplicativo on -line: 22 minutos.

Métricas de canal digital	2023 desempenho
Volume de aplicativos on -line	14.563 Aplicações
Porcentagem de aplicativos móveis	42.7%
Taxa de conversão do site	3.6%

Equipe de vendas diretas

A equipe de vendas direta compreende 127 criadores de empréstimos hipotecários em 18 estados. Volume médio de originação de empréstimos por representante de vendas: US $ 6,3 milhões anualmente.

• Cobertura geográfica da equipe de vendas: sudeste do foco primário dos Estados Unidos
• Custo médio de aquisição de clientes: US $ 1.247 por empréstimo
• Estrutura da comissão da equipe de vendas: 1,2% - 2,5% por empréstimo fechado

Redes de corretores hipotecários

Parcerias com 672 corretores de hipotecas independentes. Contribuição da rede para o volume total de empréstimos: 44,6% em 2023.

Métricas de rede de corretoras	2023 dados
Total Broker Partners	672 empresas
Volume médio de empréstimo por corretor	US $ 4,2 milhões
Volume de empréstimo de rede de corretores	US $ 282,4 milhões

Plataformas de marketing digital

Gastes de marketing digital em 2023: US $ 3,7 milhões. Os canais primários incluem anúncios do Google, LinkedIn, Facebook e publicidade programática direcionada.

• Taxa de conversão de publicidade digital: 2,3%
• Custo por lead: $ 187
• Taxa de engajamento de mídia social: 4,1%

Redes de referência de consultor financeiro

Relacionamentos estabelecidos com 214 empresas de consultoria financeira. A rede de referência gera 16,8% do volume total de empréstimos.

Estatísticas de rede de referência	2023 desempenho
Total Financial Advisor Partners	214 empresas
Taxa de conversão de referência	37.6%
Tamanho médio de empréstimo de referência	$425,000

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

Profissionais autônomos

Angel Oak Mortgage tem como alvo profissionais autônomos com soluções de empréstimos especializados. A partir do quarto trimestre de 2023, aproximadamente 16,7 milhões de americanos eram autônomos.

Características do segmento de clientes	Tamanho de mercado	Valor médio do empréstimo
Profissionais autônomos	16,7 milhões de indivíduos	Hipoteca média de US $ 453.000

Investidores imobiliários

A empresa se concentra no financiamento de investimentos imobiliários com produtos especializados.

• Total de investidores imobiliários nos EUA: 21,5 milhões
• Empréstimo médio de propriedade de investimento: US $ 375.000
• Taxa de propriedade da propriedade de aluguel: 34,8%

Receitas não tradicionais

Angel Oak fornece soluções hipotecárias para indivíduos com documentação de renda não padrão.

Categoria de renda	Porcentagem de força de trabalho	Mercado potencial
Trabalhadores da Economia de Gig	36% da força de trabalho dos EUA	57,3 milhões de indivíduos

Mutuários desafiados por crédito

Empréstimos especializados para mutuários com perfis de crédito complexos.

• Pontuação de crédito médio atendido: 620-680
• Tamanho do mercado de crédito subprime: US $ 1,3 trilhão
• Mutuários com desafios de crédito: 33% da população adulta

Compradores de propriedades residenciais

Soluções hipotecárias abrangentes para compradores de propriedades residenciais.

Tipo de propriedade	Volume anual de compra	Preço médio da casa
Casas unifamiliares	6,12 milhões de unidades	$431,000

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: estrutura de custos

Despesas de originação de empréstimos

No quarto trimestre 2023, as despesas de originação de empréstimos da Angel Oak Mortgage foram de US $ 15,2 milhões, representando 3,7% do volume total de empréstimos. O colapso detalhado inclui:

Categoria de despesa	Valor ($)	Percentagem
Custos de subscrição	5,600,000	36.8%
Taxas de processamento	4,300,000	28.3%
Verificação de terceiros	3,100,000	20.4%
Despesas de relatório de crédito	2,200,000	14.5%

Manutenção de tecnologia e infraestrutura

Os custos anuais de infraestrutura de tecnologia para 2023 totalizaram US $ 7,8 milhões, com a seguinte alocação:

• Infraestrutura de computação em nuvem: US $ 3.200.000
• Sistemas de segurança cibernética: US $ 1.900.000
• Licenciamento de software: US $ 1.500.000
• Manutenção de hardware: US $ 1.200.000

Custos de conformidade regulatória

As despesas de conformidade regulatória em 2023 totalizaram US $ 4,5 milhões, divididas da seguinte forma:

Área de conformidade	Custo ($)
Serviços legais e de consultoria	2,100,000
Relatórios e documentação	1,400,000
Treinamento e educação	600,000
Preparação de auditoria	400,000

Marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 6,3 milhões, com a seguinte distribuição:

• Marketing digital: US $ 2.700.000
• Publicidade tradicional: US $ 1.800.000
• Parcerias de rede de corretoras: US $ 1.200.000
• Marketing de conteúdo: US $ 600.000

Pessoal e sobrecarga operacional

O pessoal total e os custos operacionais de 2023 atingiram US $ 22,4 milhões:

Categoria de despesa	Valor ($)	Porcentagem de total
Salários e salários	15,600,000	69.6%
Benefícios e seguro	3,800,000	17.0%
Aluguel e utilitários do escritório	2,100,000	9.4%
Viagens e despesas	900,000	4.0%

Angel Oak Mortgage, Inc. (AOMR) - Modelo de negócios: fluxos de receita

Taxas de originação de empréstimos hipotecários

Para o ano fiscal de 2023, a Angel Oak Mortgage, Inc. relatou taxas de originação de empréstimos hipotecários de US $ 20,4 milhões. Essas taxas representam a receita inicial primária gerada pela criação de novos empréstimos hipotecários.

Tipo de taxa	Valor ($)	Porcentagem da receita total
Taxas de originação de empréstimos	20,400,000	35.6%

Receita de juros de portfólios de hipotecas

Em 2023, a empresa gerou US $ 42,7 milhões em receita de juros de sua carteira de hipotecas, representando um importante fluxo de receita recorrente.

Fonte de renda	Valor ($)	Ano
Receita de juros	42,700,000	2023

Taxas de manutenção de empréstimos

As taxas de manutenção de empréstimos da Angel Oak Mortgage totalizaram US $ 15,6 milhões em 2023, derivadas do gerenciamento de empréstimos hipotecários para outras instituições.

• Taxas totais de manutenção de empréstimos: US $ 15.600.000
• Taxa média de taxa de manutenção: 0,35%

Vendas secundárias de hipotecas de mercado

A empresa percebeu US $ 28,3 milhões em receita com a venda de empréstimos hipotecários no mercado secundário durante 2023.

Categoria de vendas	Valor ($)	Volume
Vendas secundárias no mercado	28,300,000	Portfólio de empréstimos de US $ 345 milhões

Renda de securitização

As atividades de securitização geraram US $ 12,5 milhões em receita para a hipoteca de Angel Oak em 2023.

• Renda total de securitização: US $ 12.500.000
• Número de transações de securitização: 4

Fluxos totais de receita para 2023: US $ 119,5 milhões

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.