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Angel Oak Mortgage, Inc.

AOMR

Angel Oak Mortgage, Inc. • NYSE
$8.80 ▲ 1.03% (+0.09)
Market Cap $205.38 M
52w High $10.88
52w Low $7.36
Dividend Yield 1.28%
P/E 11.43
Volume 47.35K
Outstanding Shares 23.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.903M ▲ $1.559M ▲ $11.41M ▲ 76.562% ▲ $0.49 ▲ $0
Q2-2025 $5.865M ▼ $1.445M ▼ $767K ▼ 13.078% ▼ $0.031 ▼ $0 ▼
Q1-2025 $46.31M ▲ $2.999M ▲ $20.531M ▲ 44.334% ▼ $0.88 ▲ $43.311M ▲
Q4-2024 $-9.592M ▼ $-9.592M ▼ $-15.056M ▼ 156.964% ▲ $-0.65 ▼ $0
Q3-2024 $37.857M $37.857M $31.204M 82.426% $1.31 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $51.598M ▲ $2.638B ▲ $2.374B ▲ $264.165M ▲
Q2-2025 $40.5M ▲ $2.554B ▼ $2.308B ▼ $246.389M ▼
Q1-2025 $38.696M ▼ $2.677B ▲ $2.425B ▲ $251.48M ▲
Q4-2024 $40.762M ▼ $2.27B ▼ $2.031B ▼ $238.967M ▼
Q3-2024 $42.052M $2.304B $2.039B $265.098M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.41M ▲ $-173.351M ▼ $26.654M ▼ $155.761M ▲ $9.064M ▲ $-173.351M ▼
Q2-2025 $767K ▼ $20.645M ▲ $70.098M ▲ $-89.846M ▼ $897K ▲ $20.645M ▲
Q1-2025 $20.531M ▲ $-201.748M ▼ $-75.867M ▼ $278.192M ▲ $577K ▲ $-201.748M ▼
Q4-2024 $-15.056M ▼ $-25.053M ▲ $34.799M ▼ $-11.584M ▼ $-1.838M ▼ $-25.053M ▲
Q3-2024 $31.205M $-212.394M $97.101M $113.922M $-1.371M $-212.394M

Five-Year Company Overview

Income Statement

Income Statement Angel Oak Mortgage looks like a turnaround story. After a very tough year in the middle of the period, when it booked a sizable loss, it has returned to making modest, positive profits over the last two years. Earnings have become more stable, but growth in revenue and profit is not strong – it’s more about repair and stabilization than rapid expansion. The pattern suggests that management has adjusted the portfolio and costs to the higher‑rate environment, yet the business still operates with fairly thin cushions, typical of mortgage REITs exposed to credit and interest‑rate swings.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy and highly leveraged, as is common for mortgage REITs. Total assets have come down from prior peaks, which likely reflects portfolio shrinkage or repositioning. Debt levels remain large relative to equity, meaning the company is quite dependent on borrowed money to fund its mortgage portfolio. Equity has held roughly steady in recent years after a major drop from early levels, indicating some stabilization but not a full recovery of book strength. Cash on hand is small, so liquidity depends heavily on access to funding markets and securitizations rather than large cash reserves.

Cash Flow

Cash Flow Cash flow has been volatile and does not always move in line with reported earnings. The company has swung between significant cash outflows and meaningful inflows from operations over the past few years, with the most recent year again showing a cash outflow despite positive accounting profits. Free cash flow mirrors this pattern because capital spending is minimal. This highlights a key risk for mortgage REITs: reported income can look healthy while actual cash generation is pressured by funding needs, portfolio repositioning, or changes in working capital. The business model relies on steady capital markets access rather than internally generated cash alone.

Competitive Edge

Competitive Edge Angel Oak’s edge comes from its specialization in non‑qualified mortgages and its vertically integrated ‘originator model.’ Instead of mainly buying loans from many third parties, it taps into a captive pipeline from its affiliated originators, which gives it more control over underwriting standards, loan quality, and pricing. This platform, combined with a long track record in non‑agency securitizations, forms a meaningful moat within its niche. However, the niche itself is exposed to credit cycles, housing conditions, and investor appetite for non‑QM securities. As an externally managed REIT, it also competes under a fee structure that can limit flexibility versus internally managed peers.

Innovation and R&D

Innovation and R&D Innovation here is about process and product design rather than traditional lab R&D. Angel Oak has built digital tools that make it easier and faster to qualify non‑QM borrowers, such as a paperless broker platform and an automated ‘QuickQual’ engine that speeds underwriting decisions. It is also experimenting with blockchain‑based data systems in securitizations to improve transparency for investors. On the product side, the firm offers specialized loans tailored to self‑employed borrowers, property investors, and higher‑value homes that fall outside standard agency criteria. The strategic partnership with a large asset manager adds another layer of potential innovation in product structuring and capital access. All of this supports differentiation, but the benefits will depend on consistent execution and the broader credit environment.

Summary

Angel Oak Mortgage appears to be in a late‑stage repair phase after a severe setback earlier in its life as a public company. Profitability has returned and looks more stable, but growth is modest and the business still carries the high leverage and funding dependence typical of mortgage REITs. Its main strengths lie in a clear niche focus on non‑QM mortgages, a vertically integrated origination and securitization platform, and ongoing process and product innovation aimed at underserved borrowers. Key risks center on interest‑rate and credit cycles, reliance on wholesale funding and securitization markets, and the gap that can arise between accounting earnings and actual cash flow. The company’s future trajectory will largely depend on how well it navigates these macro forces while leveraging its specialized platform and partnerships to maintain loan quality and funding access.

NEWS

November 18, 2025 · 4:34 PM UTC

KBRA Assigns Preliminary Ratings to Angel Oak Mortgage Trust 2025-12 (AOMT 2025-12)

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November 6, 2025 · 7:00 AM UTC

Angel Oak Mortgage REIT, Inc. Reports Third Quarter 2025 Financial Results

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November 4, 2025 · 9:00 AM UTC

Angel Oak Mortgage Solutions Launches Industry-First Rental AVM for DSCR Loans

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October 23, 2025 · 4:15 PM UTC

Angel Oak Mortgage REIT, Inc. Sets Date for Third Quarter 2025 Earnings Release and Conference Call

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October 16, 2025 · 3:45 PM UTC

KBRA Assigns Preliminary Ratings to Angel Oak Mortgage Trust 2025-11 (AOMT 2025-11)

Read more