Value Investor
Start free

Angel Oak Mortgage REIT

AOMR on NYSE. Real estate. Market value $168m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.

$7.38 a share, 4% above its 1-year low

Over the past year the price has ranged from $7.11 to $9.48.

Dividend: 18.1% a year

Paid every year for at least 5 years

Yields this high often come before a cut. Check the company's latest news.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/a7.628.51
Shares outstanding
0.02bn0.02bn0.02bn0.02bn0.02bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • Debt8.51× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesYes, 7% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $3 million, up 337% on a year ago.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$31m
December 2024-$15m
March 2025$21m
June 2025$767,000
September 2025$11m
December 2025$11m
March 2026-$7m
June 2026$3m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
3 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

None of the long-term investors we follow own it. 82 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $455,720 of shares on the open market. 1 sold $515,398.

  • Fierman Michael
    Director
    Bought
    Date
    25 September 2026
    Shares
    38,726
    Price
    $7.50
    Value
    $290,511
  • Filson Brandon
    CFO & Treasurer
    Sold
    Date
    22 September 2026
    Shares
    65,000
    Price
    $7.93
    Value
    $515,398
  • MINAMI W D
    Director
    Bought
    Date
    10 September 2026
    Shares
    6,800
    Price
    $8.10
    Value
    $55,080
  • MINAMI W D
    Director
    Bought
    Date
    22 May 2026
    Shares
    10,000
    Price
    $8.15
    Value
    $81,500
  • MINAMI W D
    Director
    Bought
    Date
    18 November 2025
    Shares
    3,441
    Price
    $8.32
    Value
    $28,629

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 11 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On March 9, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Angel Oak Mortgage REIT, Inc. (the “Company”) approved the dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm.”

    From an 8-K filed 12 March 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 8.5× its equity.
  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.