Angel Oak Mortgage, Inc. (the “Company”) today announced the launch of its initial public offering of 8,050,000 shares of its common stock pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission (the “SEC”). The initial public offering price is expected to be between $20.00 and $21.00 per share. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,207,500 shares of its common stock. The Company’s common stock has been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “AOMR.”

The Company intends to use the net proceeds from the offering to acquire non-qualified (“non-QM”) mortgage loans and other target assets primarily sourced from affiliates of Angel Oak Capital Advisors, LLC, or other target assets through the secondary market in a manner consistent with the Company’s strategy and investment guidelines described in its preliminary prospectus, and for general corporate purposes.

Wells Fargo Securities, BofA Securities, Morgan Stanley and UBS Investment Bank are acting as the joint book-running managers for the offering. B. Riley Securities is acting as a book-runner for the offering, and Nomura and Oppenheimer & Co. are acting as the co-managers for the offering.

The offering of the shares of common stock is being made only by means of a preliminary prospectus. Copies of the preliminary prospectus may be obtained by contacting Wells Fargo Securities, Attn: Equity Syndicate Department, 30 Hudson Yards, 500 West 33rd Street - 14th Floor, New York, NY 10001, telephone: 800-326-5897, email: [email protected]; BofA Securities, NC1-004-03-43, Attn: Prospectus Department, 200 North College St., 3rd Floor, Charlotte, NC 28255-0001, email: dg.prospectus—[email protected]; Morgan Stanley, Attn: Prospectus Department, 180 Varick St., 2nd Floor, New York, NY 10014; or UBS Investment Bank, Attn: Prospectus Department, 25th Floor, 1285 Avenue of the Americas, New York, NY 10019, telephone: 888-827-7275, email: [email protected].

A registration statement relating to these securities has been filed with the SEC but has not been declared effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.