Operating

Angel Oak Mortgage·Cash Flow Statement·18 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Net cash from operating activities	-$24.2M	-$212.4M	-$25.1M	-$201.7M	$0	-$173.4M	-$52.5M	-$143.7M
Unrealized Gain (Loss) on Derivatives and Investments, Net, Cash Flow Statement	$2.7M	$35.2M	—	$16.6M	$0	$11.3M	$4.4M	-$11.6M
Net income	-$273K	$31.2M	—	$20.5M	$767K	$11.4M	$11.3M	-$7.4M
Proceeds From Payments For In Securities Sold Under Agreements To Repurchase	$7.6M	-$98.2M	-$52.3M	$97.9M	—	—	—	$3M
Realized Gain (Loss) On Derivatives And Investments, Net	-$6.8M	-$6.3M	—	-$3.2M	-$2.5M	-$6.6M	—	-$2.7M
Change in Interest Payable	-$339K	$852K	—	$931K	$392K	$0	$1.3M	-$1.5M
Non-cash interest expense	$1.2M	$1.1M	$1.1M	$1.1M	$1.1M	$1.1M	$1M	$994K
Increase (Decrease) in Accrued Investment Income Receivable	-$4.4M	$457K	$1.5M	$1.7M	-$3M	$7.9M	—	$915K
TBA securities and interest rate futures contracts	$2.8M	$2.8M	$2.8M	-$309K	—	—	—	-$487K
Stock-based compensation	$630K	$604K	$177K	$237K	$296K	$397K	$424K	$423K
Amortization of debt issuance costs	$0	$232K	$216K	$162K	$176K	$221K	$229K	$263K
Amortization expense related to capitalized debt issuance costs	$0	$232K	$216K	$162K	$176K	$221K	$229K	$263K
Change in other assets	$374K	$502K	—	-$97K	$1.5M	$7.2M	$0	$249K
Increase (Decrease) in Other Operating Assets	$374K	$502K	—	-$97K	$1.5M	$7.2M	$0	$249K
Debt issuance costs and discount amortization	$652K	$680K	$808K	$826K	$973K	$955K	—	—
Depreciation and amortization	-$259K	-$65K	-$17K	-$38K	-$23K	—	—	$0
Increase Decrease In Management Fee Payable	-$181.8K	-$181.8K	-$181.8K	—	—	$1.2M	-$1.2M	—