Angel Oak Mortgage REIT, Inc. Reports Third Quarter 2026 Financial Results

ATLANTA – November 3, 2026 — Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) (the “Company,” “we,” and “our”), a leading real estate finance company focused on acquiring and investing in first and second lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter ended September 30, 2026.

Third Quarter and Year to Date 2026 Highlights

•Q3 2026 GAAP net loss of $(16.7) million, or $(0.72) per diluted share of common stock.

•Q3 2026 net interest income of $10.2 million, an increase of 55bps versus Q3 2025 net interest income.

•Net interest income of $33.1 million for the nine months ended September 30, 2026, an increase of 9.5% compared to the nine months ended September 30, 2025.

•Q3 2026 GAAP book value of $8.97 per share and economic book value of $11.45 per share, decreases of 11.5% and 6.5%, respectively, compared to the second quarter of 2026.

•Q3 2026 Distributable Earnings of $6.4 million, or $0.28 per diluted share of common stock.

•Declared a dividend of $0.32 per share of common stock, which will be paid on November 30, 2026, to common stockholders of record as of November 23, 2026.

Sreeni Prabhu, Chief Executive Officer and President of Angel Oak Mortgage REIT, Inc., said, “During the third quarter, we completed two securitizations early in the period, ahead of the bulk of the increase in rates. These transactions underscore the benefits of our consistent, deliberate approach to securitizations, which remains an important component of our financing and risk management strategy. While the higher-rate environment has created near-term pressure on portfolio valuations and what we believe to be a short term squeeze on the potential returns on new investments, we remain confident in the underlying credit performance of our portfolio. We continue to deploy capital selectively and maintain the disciplined underwriting standards that have guided our strategy, with a focus on preserving long-term credit performance rather than pursuing incremental returns in a more challenging market.”

Portfolio and Investment Activity

•During the quarter ended September 30, 2026, we purchased $233 million of newly-originated, current market coupon non-QM residential mortgage loans and home equity lines of credit (“HELOCs”), with a weighted average coupon of 7.29%, weighted average combined loan-to-value ratio (“CLTV”) of 69.8% and non-zero weighted average credit score of 758.

•As of September 30, 2026, the weighted average coupon of our residential whole loans portfolio was 7.21%, marking a 17 basis point decrease compared to December 31, 2025.

Capital Markets Activity

As of September 30, 2026, the Company was a party to four loan financing lines which permit borrowings in an aggregate amount of up to $1.3 billion, of which approximately $255 million was drawn, leaving capacity of approximately $1 billion for new loan purchases.

Balance Sheet

•Target assets totaled $2.8 billion as of September 30, 2026.

•The Company held residential mortgage whole loans awaiting securitization with fair value of $303.7 million as of September 30, 2026.

•As of September 30, 2026, the Company's recourse debt to equity ratio was 2X. The Company's recourse debt to equity ratio decreased to approximately 1.2X following the AOMT 2026-6 securitization in October 2026.

Dividend

On November 3, 2026, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 30, 2026 to common stockholders of record as of November 23, 2026.

Conference Call and Webcast Information

The Company will host a live conference call and webcast today, November 3, 2026, at 8:30 a.m. Eastern time. To listen to the live webcast, go to the Investors section of the Company’s website at www.angeloakreit.com at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least 15 minutes prior to start time.

Domestic: 1-800-717-1738

International: 1-646-307-1865

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Pass code: 1177953

The playback can be accessed through November 17, 2026.

Non-GAAP Metrics

Distributable Earnings is a non‑GAAP measure and is defined as net income (loss) allocable to common stockholders as calculated in accordance with generally accepted accounting principles in the United States of America (“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 Falcons I, LLC, our external manager (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 real estate investment trust (“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.

Distributable Earnings Return on Average Equity is a non-GAAP measure and is defined as annual or annualized Distributable Earnings divided by average total stockholders’ equity. We believe that the presentation of Distributable Earnings Return on Average Equity provides investors with a useful measure to facilitate comparisons of financial performance among our REIT peers, but has important limitations. Additionally, we believe Distributable Earnings Return on Average Equity provides investors with additional

detail on the Distributable Earnings generated by our invested equity capital. We believe Distributable Earnings Return on Average Equity 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 Return on Average Equity 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 Return on Average Equity 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 Return on Average Equity may not be comparable to similar measures presented by other REITs.

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 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.

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s 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. The Company’s 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 the Company believes 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. You are cautioned not to place undue reliance on these forward‐looking statements, which reflect the Company’s views only as of the date of this press release. Additional information concerning factors that could cause actual results and performance to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

Contacts

Investors:

[email protected]

855-502-3920

IR Agency Contact:

Nick Teves or Joseph Caminiti, Alpha IR Group

312-445-2870

[email protected]

Company Contact:

Randy Chrisman, Chief Marketing Officer & Corporate Investor Relations Officer

404-953-4969

[email protected]