The GAAP loss and book value decline from mark-to-market losses are the headline, but the core distributable earnings beat and 20% NII growth show the underlying earnings engine is intact. Watch for further spread widening from geopolitical risks cited by management; the unchanged $0.32 dividend is covered by distributable earnings ($0.18 vs. $0.32) only through retained capital, creating risk if book value continues to erode.
Price Chart
Executive Summary
Angel Oak Mortgage REIT reported Q1 2026 GAAP net loss of $(7.4) million ($(0.30)/diluted share) vs. net income of $20.5 million ($0.87/diluted share) a year ago, driven by $14.3 million in net unrealized losses on its loan and securitization portfolios. Core distributable earnings (the Street metric for mREITs) rose 11.8% YoY to $4.6 million ($0.18/diluted share), and net interest income grew 20% YoY to $12.1 million, but GAAP book value fell 4.0% QoQ to $10.31 and economic book value fell 3.3% to $12.28, reflecting mark-to-market headwinds from spread widening.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP net loss of $(7.4) million, or $(0.30) per diluted share, vs. net income of $20.5 million ($0.87/diluted share) in Q1 2025
- Distributable Earnings (core metric) of $4.6 million, or $0.18 per diluted share, up 11.8% from $4.1 million ($0.17/diluted share) in Q1 2025
- Net interest income grew 20.1% YoY to $12.1 million, and 11.2% sequentially vs. Q4 2025
- GAAP book value fell 4.0% QoQ to $10.31; economic book value fell 3.3% QoQ to $12.28
- Declared $0.32/share dividend, unchanged from prior quarter
- Executed $272.3 million AOMT 2026-2 securitization in March; purchased $246.2 million of new loans
- 90+ day delinquency rate rose 49 bps QoQ to 2.68% across the portfolio
Financial Impact
GAAP net loss of $(7.4) million vs. $20.5 million net income YoY; distributable earnings of $4.6 million vs. $4.1 million YoY; book value decline of $0.43/share QoQ
Risk Factors
- Further spread widening from geopolitical conflict in the Middle East could pressure portfolio valuations and book value
- 90+ day delinquency rate increased 49 bps QoQ to 2.68%, signaling potential credit deterioration
- Dividend of $0.32/share exceeds distributable EPS of $0.18, requiring retained capital or debt to sustain
- GAAP book value declined 4.0% QoQ, and economic book value declined 3.3% QoQ
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030126 |
| Document: aomr1q26earningssuppleme.htm | 0001628280-26-030126 |
| Document: aomr-20260505.htm | 0001628280-26-030126 |
| Document: 0001628280-26-030126-index-headers.html | 0001628280-26-030126 |
| Document: 0001628280-26-030126-index.html | 0001628280-26-030126 |
| Document: 0001628280-26-030126.txt | 0001628280-26-030126 |
| 8-K Data (Synthetic) | 0001628280-26-030126 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 5, 2026 25w ago | 8-K | $25.06 $24.95 | ▲ +0.46% | ▲ +3.20% | $24.33 (+2.89%) |
Apr 27, 2026 26w ago | 8-K | $24.85 $24.95 | ▲ +0.42% | ▼ −3.57% | $24.33 (−2.05%) |
Apr 21, 2026 27w ago | 8-K | $25.29 $25.03 | ▼ −1.01% | ▼ −5.79% | $24.33 (−3.76%) |
Apr 1, 2026 29w ago | DEFA14A | $25.11 $25.33 | ▲ +0.88% | ▼ −12.50% | $24.33 (−3.09%) |
US Market Status
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