Angel Oak Mortgage REIT Inc., a real estate finance company focused on Non-QM loans, reported results for the fourth quarter and full year ended Dec. 31, 2025, posting a sizable top-line beat versus analyst expectations.
The company reported total interest income of $39.0 million for the quarter. It also posted net interest income of $10.9 million, up 10% year-over-year.
Against estimates, the quarter was mixed. Reported revenue, described as interest income, of $39.0 million exceeded the analyst consensus estimate of about $11.4 million. Distributable earnings, the company’s non-GAAP measure for core operating performance, came in at $0.29 per share, slightly below the analyst estimate of $0.2938 per share.
Full-Year Results Show GAAP Profitability
For full-year 2025, Angel Oak Mortgage REIT reported GAAP net income of $44.0 million, or $1.80 per diluted share. Distributable earnings for the year totaled $14.6 million, or $0.59 per share.
For Non-QM-focused originators and mortgage broker owners watching liquidity and execution, the quarter’s sharp interest-income outperformance signals ongoing demand and financing capacity for Non-QM production, which the company sources largely through Angel Oak Mortgage Solutions.
Loan Purchases, Securitization Activity, & Available Capacity
The company highlighted portfolio growth and capital positioning alongside its quarterly results. During 2025, it participated in four securitization transactions and contributed $704 million in unpaid principal balance of loans. It also purchased $861.8 million of new loans with an average credit score of 756.
Angel Oak Mortgage REIT reported GAAP book value per share of $10.74 as of Dec. 31, 2025, up 5.6% year over year. Total target assets grew 22% to $2.7 billion.
On liquidity, the company ended the year with about $1.0 billion in undrawn capacity across its loan financing facilities, and it reported a recourse debt-to-equity ratio of 1.4x.
Dividend Set For Feb. 27 As Shares Rise In Premarket
Angel Oak declared a quarterly dividend of $0.32 per common share, payable Feb. 27, 2026. The dividend exceeded fourth-quarter Distributable Earnings of $0.29 per share.
In premarket trading following the announcement, shares were up about 3.0%, suggesting investors focused on the strong revenue figure. For the Non-QM market, the company’s stated capacity and continued loan purchasing point to ongoing appetite for new production headed into 2026.
