Slides
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Third Quarter 2026 Earnings Supplement Angel Oak Mortgage REIT, Inc.
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Important Notices 2 References herein to our “Company,” “AOMR,” “we,” “us,” or “our” refer to Angel Oak Mortgage REIT, Inc. and its subsidiaries, including Angel Oak Mortgage Operating Partnership, LP (the “Operating Partnership”), unless the context requires otherwise. Unless otherwise indicated, the term “Angel Oak” refers collectively to Angel Oak Capital Advisors, LLC (“Angel Oak Capital”) and its affiliates, including Falcons I, LLC, our external manager (our “Manager”), Angel Oak Companies, LP (“Angel Oak Companies”), and the proprietary mortgage lending platform of its affiliate, Angel Oak Mortgage Solutions LLC ( “Angel Oak Mortgage Lending”). References to “AOMT” refer to Angel Oak Mortgage Trust, Angel Oak’s securitization platform, including its subsidiaries and affiliates. References to “MM” mean in millions. References to “UPB” mean unpaid principal balance. References to “Closed End Seconds” mean residential mortgage loans that are subordinate to the primary or first lien mortgage loans on a residential property. References to “HELOCs” are defined as home equity lines of credit, which are lines of credit secured by a residential property owned by the borrower. References to “CLTV” mean combined loan-to-value ratio, which is calculated as the primary or first lien mortgage loan amount plus any additional borrowings secured by the property (such as a Closed-End Second or HELOC) divided by the estimated value of the property. This presentation has been prepared by the Company solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. The information contained in this presentation is provided to you as a summary as of the date of this presentation and is subject to change without notice. The Company does not undertake any obligation to update this presentation to reflect actual events, circumstances or changes in expectations. This presentation was prepared based upon information believed to be reliable. However, the Company does not make any representation or warranty with regard to the accuracy or completeness of the information herein and some of such information was obtained from published sources or other third parties without independent verification. This presentation contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of our investments. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or by the negative of these words and phrases or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. Our ability to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although we believe that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. Factors that could have a material adverse effect on future results and performance relative to those set forth in or implied by the related forward-looking statements, as well as on our business, financial condition, liquidity, results of operations and prospects, include, but are not limited to: (see next page): Angel Oak Mortgage REIT, Inc.
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Important Notices 3 • the effects of adverse conditions or developments in the financial markets and the economy upon our ability to acquire target assets such as non-qualified residential mortgage (“non-QM”) loans, particularly those sourced from Angel Oak’s proprietary mortgage lending platform, Angel Oak Mortgage Lending; • the level and volatility of prevailing interest rates and credit spreads; • changes in our industry, inflation, interest rates, business strategies, target assets, the debt or equity markets, the general economy (or in specific regions) or the residential real estate finance and real estate markets specifically; • general volatility of the markets in which we invest; • changes in the availability of attractive loans and other investment opportunities, including non-QM loans sourced from Angel Oak Mortgage Lending; • the ability of our Manager to locate suitable investments for us, manage our portfolio, and implement our strategy; • our ability to profitably execute securitization transactions; • our ability to obtain and maintain financing arrangements on favorable terms, or at all; • the adequacy of collateral securing our investments and a decline in the fair value of our investments; • the timing of cash flows, if any, from our investments; • the operating performance, liquidity, and financial condition of borrowers; • increased rates of default and/or decreased recovery rates on our investments; • changes in prepayment rates on our investments; • the departure of any of the members of senior management of the Company, our Manager, or Angel Oak; • the availability of qualified personnel; • conflicts with Angel Oak, including our Manager and its personnel, including our officers, and entities managed by Angel Oak; • events, contemplated or otherwise, such as acts of God, including hurricanes, wildfires, earthquakes, and other natural disasters, including those resulting from global climate change, pandemics, acts of war or terrorism, the initiation or escalation of military conflicts, and others that may cause unanticipated and uninsured performance declines, disruptions in markets, and/or losses to us or the owners and operators of the real estate securing our investments; • the occurrence of certain geopolitical events (including global trade disputes related to tariffs) that affect the normal and peaceful course of international relations; • impact of and changes in governmental regulations, tax laws and rates, accounting principles and policies and similar matters; • the level of governmental involvement in the U.S. mortgage market; • future changes with respect to the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation in the mortgage market and related events, including the lack of certainty as to the future roles of these entities and the U.S.Government in the mortgage market and changes to legislation and regulations affecting these entities; • effects of hedging instruments on our target assets and our returns, and the degree to which our hedging strategies may or may not protect us from interest rate volatility; • our ability to make distributions to our stockholders in the future at the level contemplated by our stockholders or the market generally, or at all; • our ability to continue to qualify as a real estate investment trust for U.S. federal income tax purposes; and • our ability to maintain our exclusion from regulation as an investment company under the Investment Company Act of 1940, as amended. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our management’s views only as of the date of this presentation. Actual results and performance may differ materially from those set forth in or implied by our forward-looking statements. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by applicable law, we assume no obligation, and do not intend to, update or otherwise revise any of our forward-looking statements, whether as a result of new information, future events or otherwise. Angel Oak Mortgage REIT, Inc.
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Q3 2026 Highlights & Financial Results 4
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Financial Results 5 • Q3 2026 NII of $10.24MM, an expansion of $56K, or 0.6%, versus Q3 2025 NII of $10.2MM • Year-to-Date 2026 NII of $33.1MM, an expansion of 9.6% versus Year-to-Date 2025 NII of $30.2MM Q3 26 Net Interest Income (“NII”) Declared dividend of $0.32 / common share to be paid on November 30, 2026 to shareholders of record as of November 23, 2026 Dividend • GAAP Net Income / (Loss): $(16.7MM) • GAAP Diluted EPS: $(0.72) / common share • Distributable Earnings: $6.4MM • Dist. EPS: $0.28 / common share Q3 26 GAAP & Distributable Earnings 1 • GAAP BV: $8.97 / common share • Economic BV: $11.45 / common share Q3 26 GAAP / Economic Book Value (“BV”) 1 1 See Appendix for definition and reconciliation to comparable GAAP metrics. 2 Based on % of unpaid principal balance that is 90+ days delinquent across Whole Loans, RMBS, and Residential Loans In Securitization Trust KEY COMMENTARY • Q3 2026 interest income of $42.5MM demonstrates an increase of 16% versus Q3 2025 interest income of $36.7MM • Q3 2026 GAAP net loss of $16.7MM, or $(0.72) per diluted share of common stock; net loss driven by decline in valuation of residential mortgage loans held within securitization trusts and residential mortgage loans • GAAP Book Value decreased 11.5% and Economic Book Value decreased 6.5% as of the end of Q3 2026 versus the end of Q2 2026, driven by unrealized valuation headwinds • Purchased $233MM of loans with a weighted average coupon (“WAC”) of 7.29%, a weighted average combined loan-to-value ratio (“CLTV”) of 69.8%, and a weighted average non-zero credit score of 758 in Q3 2026 • Executed AOMT 2026-3 and AOMT 2026-HB1 securitizations during quarter. We contributed loans with a total scheduled unpaid principal balance of $279.6MM to AOMT 2026-3 and contributed Home Equity Lines of Credit (“HELOCs”) with a scheduled unpaid principal balance of $71.2MM to AOMT 2026-HB1 • Subsequent to the end of the quarter, we plan to execute the AOMT 2026-6 securitization and will contribute loans with a total scheduled unpaid principal balance of $251MM • The weighted average 90+ day delinquency rate across residential whole loans, loans in securitization trust, and RMBS portfolios was 3.0% 2 as of the end of Q3 2026, compared to 2.77% as of the end of Q2 2026 Angel Oak Mortgage REIT, Inc. Interest Income and Net Interest Income expand by 16% and 0.6%, respectively, versus Q3 2025
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Net Interest Income and Average Asset Balances 6Angel Oak Mortgage REIT, Inc. $000s I nterest I ncome / Expense Average Balance I nterest I ncome / Expense Average Balance I nterest I ncome Resi denti al Mortgage Loans 3,645$ 299,097$ 5,693$ 318,069$ Resi denti al Mortgage Loans i n Securi ti zati on Trust 34,945 2,280,747 26,501 1,882,129 Commerci al Mortgage Loans 59 4,210 10 4 5,199 RMBS and Maj ori ty-Owned Affi li ate 3,071 102,371 3,692 139,447 CMBS 217 4,955 237 5,120 Other Interest Income 522 46,507 432 43,026 Total I nterest I ncome 42,459$ 36,659$ I nterest Expense Notes Payable 2,319$ 242,158$ 3,619$ 235,898$ Non-Recourse Securitization Obligation 26,517 2,114,552 19,564 1,746,766 Repurchase Faci li ti es 850 66,436 851 64,557 Seni or Unsecured Notes 2,537 89,594 2,445 88,705 Total I nterest Expense 32,223$ 26,479$ Net I nterest I ncome 10,236$ 10 ,180$ Q3 2026 Q3 2025
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Recourse Debt to Equity Trend 7 1 Recourse debt excludes Non-Recourse Financing Obligations, collateralized by residential loans in securitization trusts Notes Payable vs. Recourse Debt1 to Equity Trend ($ millions) Angel Oak Mortgage REIT, Inc. KEY COMMENTARY As of September 30, 2026, our Recourse Debt to Equity Ratio was approximately 2.0x – As of today’s date, our Recourse Debt to Equity ratio decreased and is approximately 1.2x, reflecting the AOMT 2026-6 securitization – Our Recourse Debt to Equity Ratio is expected to remain below 2.5x going forward $129 $360 $119 $343 $219 $192 $365 $255 2.3x 1.9x 1.4x 1.3x 2.3x 2.0x 1.0 x 3.0x 1.1x 1.0 x 1.0 x 2.0x 0.0x 0.5x 1.0 x 1.5x 2.0x 2.5x 3.0x $0 $200 $400 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Notes Payable Total R ecourse Debt to E quity Recourse Debt to Equi ty excl. T-Bill Repurchase Agreements and/ or Post Quarter-End Securi tizati on Activi ty, i f any
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AOMR 2026-3 Securitization 8 KEY COMMENTARY • $279.6MM Securitization; Face Value of securities sold $270.1MM • The AAA rated bonds priced at a 130bps spread over the Treasury yield curve • 6.90% weighted average coupon of loans • The A1 through M1 tranches were sold as well as the majority of the B1 tranche; the Company retains the economics of the unsold tranches • Weighted average non-zero credit score: 757; weighted average CLTV: 69.0% 2026-3 Securitization Details at Issuance Angel Oak Mortgage REIT, Inc. In July 2026, AOMR was the sole participant in the $279.6MM AOMT 2026-3 securitization and contributed loans with a 7.76% Weighted Average Coupon. Cl ass Total Balance Balance Sold Initial Coupon Fair Market Value A1 - FCF $156,318,000 $156,318,000 5.51% $156,315,327 A1 - LCF $52,106,000 $52,106,000 5.51% $52,105,109 A2 $1 9,71 0,000 $1 9,71 0,000 5.61% $19,709,886 A3 $26,001 ,000 $26,001 ,000 5.72% $26,000,654 M1 $1 0,624,000 $1 0,624,000 6.00% $10,623,871 B1 $9,366,000 $5,350,000 6.43% $9,044,800 B2 $2,656,000 6.43% $2,526,695 B3 $2,795,849 6.43% $2,413,902 XS $279,576,849 N/ A $6,162,265 A-IO-S $279,576,849 N/ A $1,927,095 Total $279,576,849 $270,1 09,000 $286,829,605
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AOMR 2026-HB1 Securitization 9 KEY COMMENTARY • $221.4MM Securitization; Face Value of securities sold $210.1MM • 9.79% weighted average coupon of loans • Weighted average non-zero credit score: 744; weighted average CLTV: 64.8% 2026-HB1 Securitization Details at Issuance Angel Oak Mortgage REIT, Inc. In August 2026, AOMR contributed Home Equity Lines of Credit (“HELOCs”) with a scheduled unpaid principal balance of $71.2MM to AOMT 2026-HB1. Cl ass Total Balance Balance Sold I nitial Coupon Fair Market Value A1 $166,742,000 $166,742,000 5.02% $166,742,000 M1 $13,618,0 0 0 $13,618,0 0 0 5.22% $13,618,0 0 0 M2 $11,294,0 0 0 $11,294,0 0 0 5.47% $11,294,0 0 0 M3 $13,175,000 $13,175,000 5.87% $13,175,000 B1 $9,301 ,000 $5,536,000 6.82% $9,301 ,000 B2 $4,428,000 7.97% $4,428,000 B3 $2,879,544 $2,544,074 XS $221,437,544 $15,410 ,127 A-IO-S $221,437,544 $564,732 Total $221,437,544 $210,365,000 $237,076,933
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AOMR 2026-6 Securitization 10 KEY COMMENTARY • $251MM Securitization; Face Value of securities sold $234.3MM • The AAA rated bonds priced at a 130bps spread over the Treasury yield curve • 7.25% weighted average coupon of loans • The A1 through M1 tranches were sold as well as the majority of the B1 tranche; the Company retains the economics of the unsold tranches • Weighted average non-zero credit score: 754; weighted average CLTV: 71.55% 2026-6 Securitization Details at Issuance Angel Oak Mortgage REIT, Inc. In October 2026, AOMR was the sole participant in the $250.1MM AOMT 2026-6 securitization and contributed loans with a 7.25% Weighted Average Coupon. Cl ass Total Balance Balance Sold I nitial Coupon Fair Market Value A1 - 1A $173,413,000 $173,413,000 6.42% $173,410 ,416 A1 - 1B $25,060,000 $25,060,000 6.42% $25,059,627 A2 $13,783,000 $13,783,000 6.67% $13,782,949 A3 $1 0,650,000 $1 0,650,000 6.74% $10,604,085 M1 $15,161,0 0 0 $15,161,0 0 0 6.79% $14,916,826 B1 $5,639,000 -$3,727,000 6.79% $5,400,652 B2 $3,508,000 6.79% $3,273,474 B3 $3,383,607 6.79% $3,076,850 XS $250,597,607 $3,114,352 A-IO-S $250,597,607 $1,624,023 Total $250,597,607 $234,340,000 $254,263,253
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201 426 294 246 439 304 1,903 1,862 2,077 2,250 2,133 2,274 383 256 305 238 334 239 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Residential Whole Loans Residential Loans in Securitization Trust RMBS & Investment in MOA Target Asset Composition 11 1 Reflects Target Asset Balances as of quarter end, which includes Residential Loans, Residential Loans in Securitization Trust, RMBS, and Investment in majority-owned affiliate (“MOA”) Target Asset Composition1 ($ millions) Angel Oak Mortgage REIT, Inc. • Target assets decreased by $89MM in the third quarter of 2026, driven primarily by a $230MM decrease in Residential Whole Loans and RMBS & Investment in MOA, offset by a $141MM increase in Residential Loans in Securitization Trust • During the quarter, the Company participated in a solo securitization, AOMT 2026-3, and commingled securitization, AOMT 2026-HB1. These securitizations transferred assets from Residential Whole Loans to Loans in Securitization Trust and RMBS/Investment in MOA • The Company also purchased $233M in Residential Whole Loans UPB during the third quarter, offset by paydowns Key Commentary 2,816 2,487 2,544 2,676 2,734 2,906
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GAAP Book Value per Share 12Angel Oak Mortgage REIT, Inc. $10.60 ($0.96) $0.49 $10.13 ($0.32) ($0.84) $8.97 9/30/2025 BV 6/30/2026 BV BV Change 1 through Q2 2026 Dividends Paid through Q2 2026 1 Excluding quarterly dividend impact • GAAP Book Value per share decreased by $1.64, or 15.4%, as of the end of Q3 2026 versus the end of Q3 2025; GAAP Book Value per share decreased by $1.17, or 11.5%, as of the end of Q3 2026 versus the end of Q2 2026 • GAAP Book Value per Share decreased by 3.4% in Q3 2026 versus Q3 2025 excluding our dividend; GAAP Book Value per Share decreased by 8.4% in Q3 2026 versus Q2 2026 excluding our dividend GAAP Book Value Change Drivers & Highlights Note: All Book Value statistics represented on a per share basis Q3 2026 Dividend Q3 2026 BV Change 1 9/30/2026 BV
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Economic Book Value 13Angel Oak Mortgage REIT, Inc. $12.72 ($0.96) $0.48 $12.24 ($0.32) ($0.47) $11.45 1 Excluding quarterly dividend impact 2 See Appendix for definition and reconciliation to comparable GAAP metrics • Economic Book Value per Share2 decreased by $1.27, or 10.0%, as of the end of Q3 2026 versus the end of Q3 2025; Economic Book Value per Share 2 decreased by $0.79, or 6.5%, as of the end of Q3 2026 versus the end of Q2 2026 • Economic Book Value per Share increased by 0.1% in Q3 2026 versus Q3 2025 excluding our dividend; Economic Book Value per Share decreased by 3.8% in Q3 2026 versus Q2 2026 excluding our dividend Economic Book Value Growth Drivers & Highlights Note: All Book Value statistics represented on a per share basis Economic Book Value reflects the impact of fair value changes for sold bonds associated with securitized obligations collateralized by loans in securitization trusts 9/30/2025 EBV 6/30/2026 EBV EBV Change 1 through Q2 2026 Dividends Paid thru Q2 2026 Q3 2026 Dividend Q3 2026 EBV Change 1 9/30/2026 EBV
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Distributable Earnings 14 Note: Please see Appendix for the Company’s definition of Distributable Earnings. Angel Oak Mortgage REIT, Inc. • Q3 2026 Distributable Earnings exclude a total of $22.6MM of unrealized losses, primarily driven by valuation decreases to residential loans in securitization trusts and non-recourse securitization obligation, residential loans, and derivatives • Realized losses associated with interest rate hedges against certain assets are included in Distributable Earnings, but the unrealized gains associated with increases in the valuation of those assets are excluded Key Commentary September 30 , 20 26 September 30 , 20 25 September 30 , 20 26 September 30 , 20 25 Net income (loss) allocable to common stockholders (16,673)$ 11,410$ (20,699)$ 32,70 8$ Adj ustments: Net unrealized (gains) losses on trading securities (1,0 12) 2,005 502 (1,86 1) Net unreali zed (gai ns) losses on deri vat i ves (3,649) (4,990) (4,929) 881 Net unrealized (gains) losses on residential loans in securitization trusts and non- recourse securitization obligation 22,411 (3,995) 33,531 (20,1 99) Net unreali zed (gai ns) losses on resi dent i al loans 4,869 (4,299) 10 ,4 72 (5,1 49) Net unrealized (gains) losses on commercial loans - - (1 49) - Non-cash equity compensation expense 459 398 1,30 5 930 Distributable Earnings 6,405$ 529$ 2 0,033$ 7,310$ Three Months Ended Nine Months Ended (in thousands)
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Key Portfolio Statistics 15
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Key Portfolio Statistics: Residential Loans 16 Residential Loans by Borrower Type RESIDENTIAL LOAN PORTFOLIO: Residential Loans represent individual loans awaiting securitization Total Fair Value: $303.7MM Weighted Average Coupon: 7.29% Weighted Average CLTV at Origination: 71.8% Weighted Average FICO Score at Loan Origination: 758 % of Loans 90+ Days Delinquent (based on Unpaid Principal Balance): 0.4% Residential Loan Geographic Diversification Residential Loan Portfolio Non-Zero Credit Score Distribution Residential Loan Portfolio Coupon Rate Distribution Angel Oak Mortgage REIT, Inc. As of September 30, 2026 No state in “Other” represents more than a 4% concentration of the residential mortgage loans that we owned directly as of September 30, 2026; percentages may not total to 100% due to rounding 0% 10% 20% 30% 40% 50%% of Loans Credit Score 0% 10% 20% 30% 40% 50%% of Loans Coupon Rate (%)
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Key Portfolio Statistics: Residential Loans by Product Type Detail 17 Residential Loans by Product Angel Oak Mortgage REIT, Inc. Weighted Average Non-Zero Credit Score by Product Weighted Average CLTV by Product As of September 30, 2026 FD: Full Documentation, Just Missed Prime BS: Bank Statement Borrower ICF: Investor Loans Weighted Average Coupon by Product 700 720 740 760 780 FD I CF BS HELOC 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10 .0 % 11.0 % 12.0 % FD I CF BS HELOC 60% 63% 66% 69% 72% 75% FD I CF BS HELOC Investor Loans, 48% Just Missed Prime, 8% Loans Made to Bank Statement Borrowers, 44% HELOCs and Closed End Seconds, 1%
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Key Portfolio Statistics: Loans in Securitization Trust 18 As of September 30, 2026 No state in “Other” represents more than a 2% concentration in the underlying collateral; percentages may not total to 100% due to rounding 1 Constant Prepayment Rate (“CPR”) is a method of expressing the prepayment rate for a mortgage pool that assumes that a constant fraction of the remaining principal is prepaid each month or year Loans in Securitization Trust Geographic Diversification Angel Oak Mortgage REIT, Inc. $000s 20 21 20 22 20 23 20 24 20 25 20 26 UPB of loans 330,264$ 465,940$ 219,288$ 389,299$ 448,006$ 519,743$ 2,372,539$ Number of loans 899 1,152 501 960 1,0 23 1,134 5,669 Weighted Average Loan Coupon 4.72% 4.60% 4.47% 7.34% 7.44% 7.00% 6 .11% Average Loan Amount 367$ 404$ 438$ 406$ 438$ 458$ 421$ Wei ght ed Average CLTV at loan ori gi nat i on and deal dat e 63.2% 64.3% 65.0% 66.9% 69.1 % 69.1 % 66.6% Wei ght ed Average Credi t Score at loan ori gi nat i on and deal dat e 748 744 736 744 757 755 748 Current 3 month CPR1 11.4 % 8.0% 3.6% 17.6 % 11.4 % 12.2% 11.2% 90 + Deli nquency (as a % of UPB) 2.8% 2.4% 3.3% 3.8% 1.9 % 0.0% 2.1% Total / Weighted Average Vintage CA, 30% FL, 19% TX, 7% NY, 6% GA, 2% Other, 36%
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Key Portfolio Statistics: RMBS & Residential Loans in Sec. Trust 19 RMBS & RESIDENTIAL LOANS IN SECURITIZATION TRUST PORTFOLIO: Includes (1) legacy retained tranches of securitizations that AOMR was not a sole contributor to, (2) RMBS purchased in the secondary market (if any), and (3) Residential Loans in Securitization Trust. Total Fair Value: $2.329B Weighted Average Coupon 1: 6.1% Weighted Average LTV1: 66.6% 90 Day Delinquency (as a % of UPB) 1: 3.30% As of September 30, 2026 No state in “Other” represents more than a 3% concentration of the underlying collateral 1 Based on UPB of entire RMBS and Residential Loans In Securitization Trust as of September 30, 2026; does not include Whole PoolRMBS. 2 As % of Original UPB. LTV Trend 1 Angel Oak Mortgage REIT, Inc. 90+ Day Delinquency Trend 1,2 Portfolio Geographic Diversification 1 0% 2% 4% 6% 8% Mar 23 Ju n 23 Sep 23 Dec 23 Mar 24 Ju n 24 Sep 24 Dec 24 Mar 25 Ju n 25 Sep 25 Dec 25 Mar 26 Ju n 26 Sep 26 CA, 33% FL, 19% TX, 7% NY, 5% GA, 3% Other, 32% 66% 67% 68% 69% 70% 71% 72% Mar 23 Ju n 23 Sep 23 Dec 23 Mar 24 Ju n 24 Sep 24 Dec 24 Mar 25 Ju n 25 Sep 25 Dec 25 Mar 26 Ju n 26 Sep 26
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Appendix 20
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Target approximately one securitization per quarter to lock in funding term and rates and provide capital for additional loan purchases Seek to consistently grow asset base of loans and securities to drive increasing returns Intend to declare quarterly dividends that balance shareholder income and long-term book value appreciation Effectively identify, assess, and act upon key opportunities and risks in appropriate markets AOMR is a business, not a trade – management will make key decisions in the best long-term interest of our shareholders The AOMR Model 21 Source and purchase high-quality, non-QM loans leveraging the infrastructure, scale, and expertise of the Angel Oak ecosystem Loan Acquisition Securitization Financing Growing Book Value Quarterly Dividend Holistic Portfolio Management Long-Term Focus AOMR seeks to generate strong risk-adjusted returns and long-term capital appreciation to deliver attractive total economic return to our shareholders Angel Oak Mortgage REIT, Inc.
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AOMR Investment Strategy 22 ACQUIRE PREDOMINANTLY NON-QM LOANS SECURITIZE LOANS RETAIN PORTIONS OF SECURITIZATION REINVEST • Typically retain the bottom 5-10% of market value of the securitization • Retention of subordinated and interest- only tranches can drive higher returns without additional financial leverage • Securitization enables us to: ‒ Secure a fixed cost of financing ‒ Replace largely mark-to-market financial leverage with term structural leverage • AOMR’s relationship with Angel Oak Companies enables AOMR to purchase high-quality loans tailored to its desired profile • Non-QM loans offer an attractive risk- adjusted return in a growing market segment • Utilize structural term leverage from securitizations, portfolio returns, and loan financing facilities to purchase high quality non-QM loans • Utilize the breadth and depth of Angel Oak to act upon key market opportunities and risks Our acquisition, securitization, and reinvestment processes enable us to consistently deliver on our business model Angel Oak Mortgage REIT, Inc.
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Angel Oak Mortgage REIT, Inc. Illustrative Securitization Structure 23 Senior Bonds (AAA, AA, A rating) Interest Only Mezzanine Bonds (BBB, BB, B rating) ~85 - 90% of the deal Junior Equity (unrated) ~0 - 10% of the deal ~5 - 10% of the deal KEY CHARACTERISTICS • Senior and mezzanine bonds receive a fixed coupon • Junior bonds receive the net Weighted Average Coupon of collateral • Interest-only tranches receive remaining excess spread between the collateral pool and the coupon on the senior, mezzanine, and junior bonds ‒ This excess spread is sensitive to prepayments • Bonds can typically be called after two to three years • Angel Oak intends to retain bonds where it finds the best relative value, which may include Subordinated Bonds, Junior Equity (credit sensitive), and IO Bonds (prepayment sensitive) • Retaining these bonds creates a natural hedge in the portfolio as the B2 and B3 bonds tend to perform well in a faster prepayment environment, whereas the XS and AIOS interest only bonds tend to experience reduced cash flows
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Income Statement (Unaudited) 24Angel Oak Mortgage REIT, Inc. (in thousands) Sept ember 30 , 20 26 Sept ember 30 , 20 25 Sept ember 30 , 20 26 Sept ember 30 , 20 25 I NTEREST I NCOME, NET Interest income $ 42,459 $ 36,659 $ 124,551 $ 104,620 I nt erest expense 32,223 26,479 91 ,464 74,41 4 NET I NTEREST I NCOME 10,236 10 ,180 33,087 30,206 REALI ZED AND UNREALI ZED GAI NS( LOSSES) , NET Net reali zed gai n (loss) on mort gage loans, deri vat i ve cont ract s, RMBS, and CMBS 1,757 (6,557) 513 12,238 Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fair value option, and deri vat i ve cont ract s (22,619) 11,280 (39,428) 26,329 TOTAL REALI ZED AND UNREALI ZED GAI NS ( LOSSES) , NET (20,862) 4,723 (38,915) 14 ,0 9 1 EXPENSES Operat i ng expenses 2,105 1,117 5,331 3,653 Operat i ng expenses i ncurred wi t h affi li at e 559 510 1,6 78 1,379 Stock compensation 459 398 1,305 930 Securitization costs 1,833 - 3,235 1 ,866 Management fee i ncurred wi t h affi li at e 1,0 9 1 1,16 1 3,322 3,454 TOTAL OPERATI NG EXPENSES 6,047 3,186 14 ,871 11,282 I NCOME ( LOSS) BEFORE I NCOME TAXES (16,673) 11,717 (20,699) 33,015 I ncome t ax expense (benefi t ) - 307 - 307 NET I NCOME ( LOSS) ALLOCABLE TO COMMON STOCKHOLDERS $ (16,673) $ 11,4 10 $ (20,699) $ 32,708 Other comprehensive income (loss) (1,857) 3,665 (765) 2,479 TOTAL COMPREHENSI VE I NCOME ( LOSS) $ (18,530) $ 15,075 $ (21 ,464) $ 35,187 For the Three Months Ended: For the Nine Months Ended: (i n t housands, except for share and per share dat a) (i n t housands, except for share and per share dat a)
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Consolidated Balance Sheet (Unaudited) 25Angel Oak Mortgage REIT, Inc. Sept ember 30 , 20 26 December 31, 20 25 ASSETS Resi dent i al mort gage loans - at fai r value $ 303,713 $ 294,134 Residential mortgage loans in securitization trusts - at fair value 2,273,583 2,076,776 RMBS - at fai r value 209,178 280,005 Cash and cash equi valent s 49,1 30 4 1,6 19 Restri cted cash - 3,666 Pri nci pal and i nt erest recei vable 12,543 10,354 TBA securi t i es and i nt erest rat e fut ures cont ract s - at fai r value 5,138 240 Ot her asset s 44,905 42,984 Tot al asset s $ 2,898,190 $ 2,749,778 LI ABI LI TI ES AND STOCKHOLDERS' EQUI TY L IA B IL IT IE S Not es payable $ 255,027 $ 218,757 Non-recourse securitization obligations, collateralized by residential loans in securitization trusts 2,118,4 34 1,915,321 Securi t i es sold under agreement s t o repurchase 65,068 54,041 Senior unsecured notes 89,708 89,023 TBA securi t i es and i nt erest rat e fut ures cont ract s - at fai r value - 32 Due to broker 1 54,696 19 8,19 1 Accrued expenses 2,787 2,021 Accrued expenses payable t o affi li at e 634 783 I nt erest payable 2,043 3,423 Management fee payable t o affi li at e 40 663 T ota l lia bilitie s $ 2,688,437 $ 2,482,255 STOCKHOLDERS' EQUI TY Common stock, $0.01 par value. As of J une 30, 2026: 350,000,000 shares authorized, 23,178,979 shares issued and outstanding. As of December 31, 2025: 350,000,000 shares authorized, 24,914,647 shares issued and outstanding.$ 232 $ 249 Additional paid-in capital 461 ,477 474,577 Accumulated other comprehensive (loss) (2,077) (1,314 ) Ret ai ned earni ngs (defi ci t ) (249,879) (205,989) Total stockholders' equity $ 209,753 $ 267,523 Tot al li abi li t i es and st ockholders' equi t y $ 2,898,190 $ 2,749,778 As of: (i n t housands, except for share and per share dat a)
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Appendix: GAAP Reconciliation of Distributable Earnings (Unaudited) 26 Distributable Earnings is a non-GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with GAAP, excluding (1) unrealized gains and losses on our aggregate portfolio, (2) impairment losses, (3) extinguishment of debt, (4) non-cash equity compensation expense, (5) the incentive fee earned by our Manager, (6) realized gains or losses on swap terminations and (7) certain other nonrecurring gains or losses. We believe that the presentation of Distributable Earnings provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers but has important limitations. We believe Distributable Earnings as described above helps evaluate our financial performance without the impact of certain transactions but is of limited usefulness as an analytical tool. Therefore, Distributable Earnings should not be viewed in isolation and is not a substitute for net income computed in accordance with GAAP. Our methodology for calculating Distributable Earnings may differ from the methodologies employed by other REITs to calculate the same or similar supplemental performance measures, and as a result, our Distributable Earnings may not be comparable to similar measures presented by other REITs. Angel Oak Mortgage REIT, Inc. September 30 , 20 26 September 30 , 20 25 September 30 , 20 26 September 30 , 20 25 Net income (loss) allocable to common stockholders (16,673)$ 11,410$ (20,699)$ 32,70 8$ Adj ustments: Net unrealized (gains) losses on trading securities (1,0 12) 2,005 502 (1,86 1) Net unreali zed (gai ns) losses on deri vat i ves (3,649) (4,990) (4,929) 881 Net unrealized (gains) losses on residential loans in securitization trusts and non- recourse securitization obligation 22,411 (3,995) 33,531 (20,1 99) Net unreali zed (gai ns) losses on resi dent i al loans 4,869 (4,299) 10 ,4 72 (5,1 49) Net unrealized (gains) losses on commercial loans - - (1 49) - Non-cash equity compensation expense 459 398 1,30 5 930 Distributable Earnings 6,405$ 529$ 2 0,033$ 7,310$ Three Months Ended Nine Months Ended (in thousands)
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Appendix: GAAP Reconciliation of Economic Book Value (Unaudited) 27 “Economic book value” is a non-GAAP financial measure of our financial position. To calculate our economic book value, the portions of our non-recourse financing obligation held at amortized cost are adjusted to fair value. These adjustments are also reflected in the table above in our end of period total stockholders’ equity. Management considers economic book value to provide investors with a useful supplemental measure to evaluate our financial position as it reflects the impact of fair value changes for our legally held retained bonds, irrespective of the accounting model applied for GAAP reporting purposes. Economic book value does not represent and should not be considered as a substitute for book value per share of common stock or stockholders’ equity, as determined in accordance with GAAP, and our calculation of this measure may not be comparable to similarly titled measures reported by other companies. Angel Oak Mortgage REIT, Inc. September 30, 2026 J une 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 GAAP total stockholders’ equity 209,752 234,865 256,902 267,523 264,165 Adjustments: Fair value adjustment for securitized debt held at amortized cost 58,111 48,833 48,958 48,789 52,770 Stockholders’ equity including economic book value adjustments $ 267,863 $ 283,698 $ 305,860 $ 316,312 $ 316,935 Number of shares of common stock outstanding at period end 23,395,874 23,178,979 24,914,647 24,914,647 24,914,035 GAAP Book value per share of common stock $ 8.97 $ 10 .13 $ 10 .31 $ 10.74 $ 1 0.60 Economic book value per share of common stock $ 11.45 $ 12.24 $ 12.28 $ 12.70 $ 12.72 in thousands, except for share and per share data
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Condensed Income Statement History (Unaudited) 28Angel Oak Mortgage REIT, Inc. (in thousands) FY23 FY24 1Q25 2Q25 3Q25 4 Q25 FY25 1Q26 2Q26 3Q26 Inte re st Incom e 95,953 110 ,4 27 32,867 35,094 36,659 39,034 143,655 40,694 41 ,398 42,459 I nt erest Expense 67,052 73,502 22,780 25,154 26,479 28,14 2 102,555 28,584 30,656 32,223 NET I NTEREST I NCOME 28,901 36,925 1 0,087 9,940 10 ,180 10,892 41,10 0 12,110 10 ,742 10 ,236 Net reali zed gai n (loss) on mort gage loans, deri t i vat e cont ract s, RMBS, and CMBS (37,526) (9,228) (3,182) (2,499) (6,557) 1,374 (10 ,86 3) (2,721) 1,4 77 1,757 Net unrealized gain (loss) on trading securities, mortgage loans, portion of debt at fai r value opt i on, and deri vat i ve cont ract s 63,489 23,761 1 6,625 (1,576) 11,280 4,429 30,758 (11,59 2) (5,217) (22,619) TOTAL REALI ZED AND UNREALI ZED GAI NS ( LOSSES) , NET 25,963 14,533 13,443 (4,0 75) 4,723 5,803 19,895 (14,313) (3,740 ) (20 ,862) Operat i ng expenses 9,889 8,631 1,6 17 1,787 1,6 27 1,874 6,905 2,223 2,124 2,665 Stock compensation 1,6 89 2,041 237 296 398 423 1,354 423 423 459 Securitization costs 2,484 3,799 - 1,86 6 - 1,70 3 3,569 1,4 0 2 - 1,833 Management fee i ncurred wi t h affi li at e 5,842 4,976 1,14 5 1,14 9 1,16 1 1,157 4,61 2 1,128 1,10 1 1,0 9 1 EXPENSES 19,904 19,447 2,999 5,098 3,186 5,157 16,440 5,176 3,649 6,047 I NCOME ( LOSS) BEFORE TAXES 34,960 32,0 11 20,531 767 11,717 11,539 44,555 (7,379) 3,353 (16,673) I ncome t ax expense (benefi t ) 1,24 6 3,261 - - 307 224 531 - - - NET I NCOME ( LOSS) ALLOCABLE TO COMMON STOCKHOLDERS 33,714 28,750 20,531 767 11,410 11,315 44,024 (7,379) 3,353 (16,673) Other comprehensive income (loss) 16 ,152 1,50 0 (695) (491 ) 3,665 (318) 2,16 1 4,398 (3,304) (1,857) TOTAL COMPREHENSI VE I NCOME ( LOSS) 49,866 30,250 19,836 276 15,0 75 10,997 46,185 (2,981) 49 (18,530)
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Balance Sheet History (Unaudited) 29Angel Oak Mortgage REIT, Inc. (in thousands) 3Q24 4 Q24 1Q25 2Q25 3Q25 4 Q25 1Q26 2Q26 3Q26 Assets: Resi dent i al Mort gage Loans - at fai r value 428,909 183,0 6 4 439,460 200,665 425,775 294,134 245,534 438,790 303,713 Residential mortgage loans in securitization trusts - at fair value 1,452,907 1 ,696,995 1,6 72,189 1,902,721 1,862,330 2,076,776 2,249,61 4 2,132,720 2,273,583 RMBS - at fai r value 283,105 300,243 398,272 361,884 235,024 280,005 212,596 308,086 209,178 U.S. Treasury Securi t i es - at fai r value 49,971 - 74,959 - - - - - - Cash and cash equi valent s 42,052 40,762 38,696 40,500 51,598 4 1,6 19 41 ,963 48,629 49,1 30 Restri cted cash 2,679 2,131 4,774 3,867 1,833 3,666 1,6 82 3,426 - Pri nci pal and i nt erest recei vable 6,630 8,14 1 9,823 6,836 14 ,781 10,354 11,26 9 1 6,464 12,543 TBA securi t i es and i nt erest rat e fut ures cont ract s - at fai r value 1,6 51 1,515 1,4 21 - 1 ,944 240 3,9 11 1 ,941 5,138 Ot her asset s 35,962 36,91 8 36,941 38,0 15 44,825 42,984 43,41 2 41 ,456 44,905 Total Assets 2,303,866 2,269,769 2,676,535 2,554,488 2,638,109 2,749,778 2,809,981 2,991,512 2,898,190 Liabilities : Not es payable 333,042 129,459 360,470 118,6 19 342,608 218,757 192,230 364,599 255,027 Non-recourse securitization obligation, collateralized by residential loans in securitization trusts 1,353,758 1,59 3,6 12 1,556,075 1,767,929 1,726,657 1,915,321 2,079,653 1 ,968,763 2,118,4 34 Securi t i es sold under agreement s t o repurchase 102,876 50,555 1 48,467 68,062 54,041 54,041 57,000 70,540 65,068 Senior unsecured notes 47,61 6 47,740 47,865 88,601 88,795 89,023 89,251 89,480 89,708 TBA securi t i es and i nt erest rat e fut ures cont ract s - at fai r value - - 947 4,355 1,30 9 32 - 452 - Due to broker 1 94,697 201 ,994 302,619 254,228 153,819 19 8,19 1 129,359 255,867 1 54,696 Accrued expenses 2,000 2,291 2,539 2,812 1,9 52 2,021 2,291 3,665 2,787 Accrued expenses payable t o affi li at e 657 766 248 393 588 783 244 439 634 I nt erest payable 1,312 934 1,86 5 2,258 2,173 3,423 1,89 0 1,9 86 2,043 I ncome t axes payable 2,785 2,785 2,785 16 3 16 3 - - - - Management fee payable t o affi li at e 25 666 1,175 679 1,84 0 663 1,16 1 856 40 Total Liabilities 2,0 38,768 2 ,030,802 2,425,0 55 2,308,099 2,373,945 2,482,255 2,553,079 2,756,647 2,688,437 Equity: Common stock 234 234 234 238 249 249 249 230 232 Additional paid in capital 461 ,249 461 ,057 461 ,294 463,580 474,154 474,577 475,000 460,442 461 ,477 Accumulated other comprehensive income (loss) (441 ) (3,475) (4 ,170 ) (4,661 ) (996) (1,314 ) 3,084 (220) (2,077) Ret ai ned (defi ci t ) earni ngs (1 95,944) (218,849) (205,878) (212,768) (209,242) (205,989) (221,431) (225,587) (249,879) Total Stockholders' Equity 265,098 238,967 251,480 246,389 264,165 267,523 256,902 234,865 20 9,753 Total Liabilities and E quity 2,303,866 2,269,769 2,676,535 2,554,488 2,638,110 2,749,778 2,809,981 2,991,512 2,898,190