What Angel Oak Mortgage does

Angel Oak Mortgage REIT, Inc. (NYSE: AOMR) is an Atlanta-based real estate finance company that acquires and invests in first lien non-QM (non-qualified mortgage) loans and other mortgage-related assets in U.S. mortgage markets, with the objective of generating attractive risk-adjusted returns for stockholders through cash distributions and capital appreciation across interest rate and credit cycles. The company went public in June 2021 via an IPO that raised approximately $169 million in gross proceeds and is structured as the first pure-play non-QM real estate investment trust, externally managed by an affiliate of Angel Oak Capital Advisors, LLC. As of December 31, 2025, total target assets stood at $2.7 billion, a 22% year-over-year increase, and the company reported full-year 2025 GAAP net income of $44.0 million (up 53% year-over-year) on FY 2025 net interest income of $41.1 million (up 11% year-over-year).

The business is built on a vertically integrated platform that combines sourcing, underwriting, loan acquisition, asset allocation, portfolio management, and monitoring. A distinguishing feature is the originator model, in which the REIT sources loans primarily through affiliated channels—Angel Oak Mortgage Solutions (a wholesale and correspondent non-QM lender that is described as the largest originator in mortgage-backed securities pools at 23.1-24.8% of collateral) and Angel Oak Home Loans (a retail mortgage lender)—rather than relying on third-party aggregators. This structure is intended to allow at-the-source verification of credit and a more accurate risk and return analysis. The company generates revenue primarily through net interest income from its loan portfolio (Q1 2026 net interest income of $12.1 million, up 20% year-over-year) and through transaction-based securitization gains, having executed $704 million in unpaid principal balance across four securitization transactions in 2025 (AOMT 2026-2 and AOMT 2026-3 in 2026 each exceeding $270 million).

Angel Oak Mortgage REIT distributes shares to institutional and retail investors through the NYSE under ticker AOMR and accesses capital markets via securitization transactions with rating agency engagements through KBRA and Moody's for its non-prime RMBS deals. The company declares a quarterly dividend of $0.32 per share, representing an approximately 14.2% annualized yield, and reports credit performance with 90-plus day delinquencies of 2.18%, outperforming the broader market. Senior leadership is led by CEO, President and co-founder Sreeni Prabhu, who also serves as Managing Partner and Group CIO at Angel Oak Capital and previously managed a $25 billion investment portfolio at Washington Mutual, supported by CIO Namit Sinha, CFO Brandon Filson, and Chief Accounting Officer Chris Price.

Name

Angel Oak Mortgage

Legal name

Angel Oak Mortgage REIT, Inc.

Website

https://angeloakreit.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

Angel Oak Mortgage REIT (NYSE: AOMR) is an Atlanta-based real estate finance company that acquires and invests in first lien non-QM mortgage loans and related assets in U.S. markets. It operates through a vertically integrated platform combining affiliated origination, underwriting, securitization, and external asset management to generate dividend income and capital appreciation.

Ownership category

akta.pro rank

Product category

Mortgage REIT / Residential Mortgage Investment

NAICS

Real Estate Credit (522292), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Real Estate Debt & Mortgage Strategies (FSAAAKAC)

Keywords

• Non-QM mortgage loans
• Mortgage REIT investments
• Mortgage-backed securities
• Residential mortgage lending
• Mortgage portfolio management

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income generated from the mortgage loan portfolio. The company acquired non-QM loans and mortgage-related assets, earning interest spreads. Q1 2026 net interest income was $12.1 million, up 20% year-over-year. FY 2025 net interest income was $41.1 million, up 11% year-over-year.
2. Securitization Gains: Gains from executing securitization transactions to convert mortgage loans into mortgage-backed securities for financing. The company completed four securitization transactions totaling $704 million in unpaid principal balance during 2025.
3. Capital Appreciation: Returns through appreciation of the investment portfolio and loan book value over interest rate and credit cycles.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Angel Oak Mortgage REIT acquires and invests in first lien non-QM residential mortgage loans and other mortgage-related assets in the U.S. mortgage markets, generating risk-adjusted returns for stockholders through cash distributions and capital appreciation. The REIT sources loans primarily through affiliated origination channels (Angel Oak Mortgage Solutions and Angel Oak Home Loans) using a vertically integrated originator model and finances its portfolio via securitization transactions such as AOMT 2026-2 and AOMT 2026-3.

Product overview

Angel Oak Mortgage REIT operates as a real estate finance company with a vertically integrated mortgage origination and asset management platform. The core offering is the REIT (AOMR), which acquires and invests in first lien non-QM loans. Supporting the REIT are affiliated lending entities including Angel Oak Mortgage Solutions (wholesale/correspondent non-QM lender) and Angel Oak Home Loans (retail mortgage lender). Angel Oak Capital Advisors provides asset management, while the closed-end fund FINS and the MBS ETF extend the product suite to retail and institutional investors seeking financial sector debt exposure.

Differentiator

Problem solved

Functional benefit

Products and services

• Angel Oak Mortgage REIT (NYSE: AOMR) 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 markets, generating risk-adjusted returns for stockholders through cash distributions and capital appreciation.
• Angel Oak Mortgage Solutions Specialized wholesale and correspondent non-qualified mortgage (non-QM) lender forming part of the Angel Oak lending platform; the largest originator in mortgage-backed securities pools at 23.1-24.8% of collateral.
• Angel Oak Home Loans

Quantifiable outcome

• Net interest income growth of 11% year-over-year to $41.1 million in FY 2025
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Angel Oak Mortgage SolutionscoreStrategic or Co-development Partner · 8 June 2021Affiliated wholesale and correspondent non-QM lender. Part of Angel Oak lending platform. Largest originator in mortgage-backed securities pools at 23.1-24.8% of collateral. Provides loan sourcing through originator model.
• Angel Oak Home LoanscoreStrategic or Co-development PartnerAffiliated full-service retail mortgage lender. Part of Angel Oak lending platform, together with Angel Oak Mortgage Solutions, comprised Angel Oak Lending platform.
• KBRA (Kroll Bond Rating Agency)minorOthersCredit rating agency that assigned preliminary ratings to Angel Oak Mortgage Trust securitization transactions (AOMT 2026-3, AOMT 2026-2).

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• AGNC Investment Corp: AGNC is a publicly traded mortgage REIT focused on agency mortgage-backed securities. While AGNC invests primarily in agency MBS versus AOMR's non-QM focus, both operate in the same regulatory and rating environment and compete for the same yield-seeking investor base.
• PennyMac Mortgage Investment Trust: PMT is a mortgage REIT with significant credit-sensitive MBS exposure and is affiliated with PennyMac Financial Services, a large mortgage originator. The affiliated origination model and credit-focused strategy are highly analogous to AOMR's vertically integrated non-QM approach.
• Two Harbors Investment Corp: Two Harbors invests in agency and non-agency residential mortgage-backed securities, with credit-sensitive exposure and securitization capabilities. The non-agency credit allocation and securitization execution framework closely mirror AOMR's operating model.
• Chimera Investment Corp: Chimera invests in residential mortgage-backed securities, residential whole loans, and mortgage servicing rights. Its mix of credit and MSR exposure makes it a direct peer for non-QM-focused REITs like AOMR targeting spread-based returns.
• MFA Financial: MFA is a mortgage REIT investing in residential whole loans, including non-QM and other credit-sensitive assets. MFA's direct origination partnerships and whole-loan securitization activity directly parallel AOMR's business model.
• Redwood Trust: Redwood is a specialty mortgage REIT focused on jumbo and other non-QM residential mortgages, with an affiliated Sequoia securitization platform. The origination-to-securitization platform and focus on credit-sensitive residential mortgages are highly comparable.
• New York Mortgage Trust: NYMT invests primarily in credit-sensitive residential mortgage assets, including non-QM and seasoned re-performing loans. Its portfolio composition and securitization strategy closely track AOMR's positioning.
• Invesco Mortgage Capital: Invesco Mortgage Capital invests in residential and commercial mortgage-backed securities, with significant credit-sensitive allocation. Its market positioning as a smaller, externally-managed mREIT makes it a closely comparable peer.

Broad incumbents

• Annaly Capital Management: Annaly is the largest publicly traded mortgage REIT with a diversified portfolio across agency MBS, credit risk transfer, and mortgage servicing rights. As a broad incumbent, Annaly offers a comparable dividend-yielding, balance-sheet-driven model against which AOMR's non-QM pure-play positioning is benchmarked.

Emerging players

• Ladder Capital Corp: Ladder Capital is an internally managed REIT focused on commercial real estate lending, but its whole-loan origination and securitization activities in real estate credit provide a useful adjacent benchmark for AOMR's loan-acquisition and capital-recycling model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/angel-oak-mortgage-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Angel Oak Mortgage