Angel Oak Mortgage, Inc. (NYSE: AOMR) (the “Company,” “we,” and “our”), a leading real estate finance company focused on acquiring and investing in first lien non-QM loans and other mortgage-related assets in the U.S. mortgage market, today reported financial results for the quarter and year ended December 31, 2022.

Please note that the Company’s name will change to Angel Oak Mortgage REIT, Inc., effective on or about March 10, 2023. The Company’s website, CUSIP, and New York Stock Exchange ticker symbol will remain unchanged. Additionally, we would like to announce the resignation of Dory Black as the Company’s Secretary and the appointment of David Gordon to the same role, effective March 8, 2023.

Fourth Quarter Highlights

Q4 2022 GAAP net loss of $8.8 million, or $(0.36) per diluted share of common stock.
Q4 2022 distributable earnings of $(61.5) million, or $(2.50) per diluted share of common stock.
Declared dividend of $0.32 per share of common stock, payable on March 31, 2023, to common stockholders of record as of March 22, 2023.
Full Year 2022 Highlights

Total GAAP net loss of $187.8 million, or $(7.65) per diluted share of common stock, for the full year ended December 31, 2022.
Distributable Earnings of $19.4 million, or $0.78 per diluted share of common stock, for the full year ended December 31, 2022.
GAAP book value of $9.49 per share of common stock as of December 31, 2022.
Economic book value of $13.11 per share of common stock as of December 31, 2022.
Since the end of Q3 2022, the Company has reduced its whole loan warehouse debt by 51 % and its mark to market percentage of total warehouse debt1 by 62% while releasing additional cash. These accomplishments have protected our capital structure to withstand volatility and will allow us to focus on growing the earning potential of its portfolio while continuing to prioritize sound risk and liquidity management.

Sreeni Prabhu, Chief Executive Officer and President of the Company, commented, “While 2022 was characterized by surging global inflation, extreme interest rate volatility, and wider credit spreads across various asset classes, we were able to gain positive momentum in the fourth quarter that has carried into 2023. We continue to make significant progress against our strategic plan to reposition our portfolio, improve liquidity, and reduce risk, all of which were demonstrated through the loan sales and non-mark to market financing conversion announced in Q4, as well as the AOMT 2023-1 securitization in January 2023. We plan to resume purchases of newly originated, higher-coupon loans and to methodically execute securitizations throughout 2023. I’m proud of our team and thank them for their hard work and contributions as we seek to build long term value for our shareholders.”