The company has aggressively deleveraged, reducing its debt-to-equity ratio from 8.02 in 2025Q2 to 1.10 in 2026Q1, though total assets remain sensitive to market-driven fair value adjustments.
| Total Assets | 2.81B | 2.75B | 2.27B | 2.31B | 2.95B | 2.58B | 509.66M | 459.09M | 430.96M |
| Asset Growth % | 61.49% | 21.15% | -1.66% | -21.66% | 14.29% | 405.82% | 11.01% | 6.53% | - |
| Real Estate & Other Assets | 0 | 2.7B | -326.52M | -644.81M | -1.06B | -746.39M | 388K | 55K | 975K |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 53.23M | 51.97M | 0 | 0 | 0 | 0 | 200.54M | 197.1M | 232.34M |
| Cash & Equivalents | 41.96M | 41.62M | 40.76M | 41.63M | 29.27M | 40.8M | 43.57M | 7.41M | 791K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | -50M | -50.26M | -48.08M | -66.78M | 7.48M | 6.05M | 2.08M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.55B | 2.48B | 2.03B | 2.05B | 2.71B | 2.09B | 261.35M | 364.23M | 386.91M |
| Total Debt | 281.48M | 307.78M | 1.77B | 1.46B | 1.64B | 1.47B | 260.39M | 362.55M | 385.67M |
| Net Debt | 239.52M | 266.16M | 1.73B | 1.42B | 1.61B | 1.43B | 216.82M | 355.13M | 384.87M |
| Long-Term Debt | 0 | 0 | 1.77B | 1.46B | 1.64B | 1.47B | 34.91M | 37.41M | 0 |
| Short-Term Borrowings | 281.48M | 307.78M | 0 | 0 | 0 | 0 | 225.49M | 325.14M | 385.67M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 281.48M | 307.78M | 0 | 0 | 0 | 0 | 226.44M | 326.81M | 386.91M |
| Accounts Payable | 0 | 0 | 202.93M | 392.78M | 1.01B | 1.28M | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.27B | 2.17B | -1.77B | -1.46B | -1.64B | -1.47B | 0 | 0 | 0 |
| Total Equity | 256.9M | 267.52M | 238.97M | 256.11M | 236.48M | 491.39M | 248.31M | 94.86M | 44.05M |
| Equity Growth % | 10.07% | 11.95% | -6.69% | 8.3% | -51.88% | 97.89% | 161.76% | 115.37% | - |
| Shareholders Equity | 256.9M | 267.52M | 238.97M | 256.11M | 236.48M | 491.39M | 248.31M | 94.86M | 44.05M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 249K | 249K | 234K | 249K | 249K | 252K | 157K | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 461.06M | 477.07M | 475.38M | 476.51M | 246.49M | 87.63M | 45.6M |
| Retained Earnings | -221.43M | -205.99M | -218.85M | -216.24M | -218.02M | 11.53M | 2.6M | 3.58M | -1.55M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 101K | 101K | 101K | 0 |
| Return on Assets (ROA) | 0.6% | 1.75% | 1.26% | 1.28% | -6.8% | 1.37% | 0.15% | 1.16% | -1.44% |
| Return on Equity (ROE) | 6.23% | 17.38% | 11.61% | 13.69% | -51.61% | 5.71% | 0.43% | 7.4% | -14.07% |
| Debt / Assets | 10.02% | 11.19% | 78.02% | 63.25% | 55.78% | 57.02% | 51.09% | 78.97% | 89.49% |
| Debt / Equity | 1.10x | 1.15x | 7.41x | 5.70x | 6.95x | 2.99x | 1.05x | 3.82x | 8.76x |
| Net Debt / EBITDA | 5.30x | 1.81x | - | - | - | - | 294.60x | 32.52x | - |
| Book Value per Share | 10.38 | 11.00 | 9.79 | 10.27 | 9.63 | 23.56 | 15.79 | 3.62 | 1.68 |
Securitization market liquidity dependence
According to recent SEC filings, AOMR reported a Debt-to-Equity ratio of 1.10 in 2026Q1, a significant reduction from the 8.02 peak observed in 2025Q2, suggesting a potential shift toward a more conservative capital structure despite the inherent volatility of its non-agency mortgage investment strategy.
The sharp decline in reported leverage appears to be a tactical response to market conditions rather than a permanent structural change. Investors should monitor whether this deleveraging reflects a genuine reduction in risk or simply a temporary contraction in warehouse line utilization that could limit future return on equity.
As reported in financial statements, the company maintained cash reserves of $42.0M in 2026Q1, which remains largely consistent with historical levels despite the significant fluctuations in total debt, indicating a persistent reliance on external securitization velocity to maintain liquidity and fund ongoing mortgage origination activities.
The lack of meaningful growth in cash balances relative to the size of the asset portfolio suggests that AOMR operates with minimal liquidity buffers. This reliance on the securitization market to recycle capital creates a vulnerability where any disruption in credit markets could rapidly constrain the firm's ability to fund new loan acquisitions.
Based on reported figures, total assets declined from $2.8B in 2026Q1 to $2.7B in 2025Q4, signaling a period of portfolio consolidation that may be intended to mitigate exposure to credit spread volatility while the company navigates a challenging interest rate environment for non-qualified mortgage products.
The contraction in the asset base suggests that management is prioritizing capital preservation over aggressive growth. This pivot warrants further investigation into whether the company is intentionally shrinking its footprint to improve credit quality or if it is struggling to source high-quality assets through its affiliated origination channels.
As indicated by the company's reliance on the Fair Value Option for its loan portfolio, the reported equity of $256.9M in 2026Q1 is highly sensitive to non-cash mark-to-market adjustments, which may obscure the true economic value of the underlying collateral during periods of market stress.
The volatility in equity levels over the past ten quarters suggests that book value is not a stable anchor for valuation. Investors should be wary that these fair value adjustments can create the illusion of strength or weakness that does not necessarily align with the actual cash-generating capacity of the mortgage assets.
Quick answers to the most common questions about buying AOMR stock.
As of 2025, Angel Oak Mortgage, Inc. (AOMR) had total assets of $2.75B including $52.0M in current assets.
Angel Oak Mortgage, Inc. (AOMR) carries total debt of $307.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Angel Oak Mortgage, Inc. (AOMR) has total shareholders' equity (book value) of $267.5M ($11.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Angel Oak Mortgage, Inc. (AOMR) reported a current ratio of 0.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.