Revenue: As of FY2026 Q2, the actual value is USD 41.4 M.

EPS: As of FY2026 Q2, the actual value is USD 0.14, missing the estimate of USD 0.2833.

EBIT: As of FY2026 Q2, the actual value is USD 3.353 M.

Net Income

Angel Oak Mortgage REIT, Inc. reported GAAP net income of $3.4 million, or $0.14 per diluted share of common stock, for Q2 2026. For the six months ended June 30, 2026, net income allocable to common stockholders was - $4.025 million, compared to $21.298 million for the six months ended June 30, 2025.

Net Interest Income (NII)

Net interest income for Q2 2026 was $10.742 million, an increase from $9.940 million in Q2 2025. Year-to-date NII for the six months ended June 30, 2026, was $22.852 million, up from $20.027 million for the same period in 2025, representing a 14% year-to-date growth in net interest income. Total interest income for Q2 2026 was $41.4 million, an 18% increase from $35.1 million in Q2 2025. Total interest expense for Q2 2026 was $30.7 million, up from $25.2 million in Q2 2025.

Book Value

As of Q2 2026, GAAP book value was $10.13 per share, representing a 1.7% decrease from Q1 2026 and a 2.3% decrease from Q2 2025. Economic book value was $12.24 per share, a 0.3% decrease from Q1 2026 and a 5.6% decrease from Q2 2025. GAAP total stockholders’ equity was $234.865 million as of June 30, 2026, down from $267.523 million as of December 31, 2025. Economic book value per share of common stock was $12.70 as of December 31, 2025.

Distributable Earnings

Distributable Earnings for Q2 2026 reached $9.0 million, or $0.37 per diluted share of common stock. For the six months ended June 30, 2026, Distributable Earnings were $13.630 million, compared to $6.782 million for the same period in 2025. The annualized Distributable Earnings for Q2 2026 were $35.972 million, resulting in a Distributable Earnings Return on Average Equity of 14.6%.

Operating Expenses

Total operating expenses for Q2 2026 were $3.649 million, decreasing from $5.098 million in Q2 2025. For the six months ended June 30, 2026, total operating expenses were $8.825 million, compared to $8.097 million for the six months ended June 30, 2025.

Realized and Unrealized Gains (Losses)

Net realized gain (loss) on mortgage loans, derivative contracts, RMBS, and CMBS was $1.477 million in Q2 2026, compared to - $2.499 million in Q2 2025. Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts was - $5.217 million in Q2 2026, compared to - $1.576 million in Q2 2025.

Dividends

The Company declared a dividend of $0.32 per share of common stock, payable on August 28, 2026, to common stockholders of record as of August 21, 2026.

Balance Sheet

Total assets were $2.991 billion as of June 30, 2026, an increase from $2.750 billion as of December 31, 2025. Total liabilities were $2.757 billion as of June 30, 2026, compared to $2.482 billion at December 31, 2025.

Portfolio Activity

During Q2 2026, Angel Oak Mortgage REIT, Inc. purchased $204 million of newly-originated, current market coupon non-QM residential mortgage loans and home equity lines of credit (“HELOCs”). These purchased loans had a weighted average coupon (WAC) of 7.34%, a weighted average combined loan-to-value ratio (“CLTV”) of 70.5%, and a non-zero weighted average credit score of 759. As of June 30, 2026, the weighted average coupon of the residential whole loans portfolio was 7.51%, a 13 basis point increase compared to December 31, 2025. The Company held residential mortgage whole loans awaiting securitization with a fair value of $438.8 million as of June 30, 2026. Target assets increased by $172 million in Q2 2026, primarily driven by a $289 million increase in Residential Whole Loans and RMBS & Investment in Majority-Owned Affiliate. The weighted average 90+ day delinquency rate across residential whole loans, loans in securitization trust, and RMBS portfolios was 2.77% as of the end of Q2 2026, an increase of 9 basis points from 2.68% at the end of Q1 2026.

Securitization Activity

In July 2026, subsequent to the quarter end, Angel Oak Mortgage REIT, Inc. issued AOMT 2026-3, a $279.6 million scheduled unpaid principal balance securitization backed by residential mortgage loans, with proceeds used to repay approximately $247.4 million of outstanding debt and release $22.3 million cash for new loan purchases and operational purposes. In August 2026, the Company participated in AOMT 2026-HB1, a $221.4 million scheduled unpaid principal balance securitization backed by HELOCs, contributing loans with a scheduled unpaid principal balance of $71.2 million. The AOMT 2026-3 securitization had a face value of securities sold totaling $270.1 million and a weighted average coupon of loans of 6.90%.

Capital and Debt

As of June 30, 2026, the Company had loan financing lines permitting borrowings up to $1.3 billion, with approximately $365 million drawn and $0.9 billion capacity remaining for new loan purchases. The Company’s recourse debt to equity ratio was 2.3x as of June 30, 2026, which decreased to 1.0x following the AOMT 2026-3 and AOMT 2026-HB1 securitizations.

Stock Repurchases

Angel Oak Mortgage REIT, Inc. repurchased $15 million of common stock from a pre-IPO investor at accretive levels.

Outlook

Angel Oak Mortgage REIT, Inc. remains focused on maintaining disciplined credit, expanding earnings, and staying active in the securitization market. The company aims to consistently grow its asset base to drive increasing returns and intends to declare quarterly dividends that balance shareholder income with long-term book value appreciation. It expects its Recourse Debt to Equity Ratio to remain below 2.5x and targets approximately one securitization per quarter to secure funding for additional loan purchases.