Angel Oak Mortgage REIT, Inc.

13. Equity and Earnings per Share (“EPS”)

During the three and nine-months ended September 30, 2026, the Company issued and sold 46,213 shares of its common stock through its at-the-market equity offering program (the “ATM Program”) resulting in proceeds of $0.4 million, net of commissions and fees. These shares of common stock were issued in SEC registered transactions off the Company’s shelf registration statement. Per the terms of our ATM Program, we may offer and sell shares of our common stock having an aggregate gross proceeds of up to $75.0 million from time to time, of which $60.2 million is available.

In the calculations of basic and diluted earnings per common share for the three and nine months ended September 30, 2026 and 2025, the Company included participating securities, which are certain equity awards that have non-forfeitable dividend participation rights. Dividends and undistributed earnings allocated to participating securities under the basic and diluted earnings per share calculations require specific shares to be included that may differ in certain circumstances.

The following table sets forth the calculation of basic and diluted earnings per share for the three months ended September 30, 2026 and 2025:

The following table sets forth the calculation of basic and diluted earnings per share for the nine months ended September 30, 2026 and 2025:

The Company’s potential dilutive securities, which include restricted stock awards and performance-based restricted stock unit awards have been excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2026, as they are anti-dilutive and the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded 692,357 potential common share equivalents presented based on amounts outstanding, from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2026, because including them would have had an anti-dilutive effect.

14. Subsequent Events

On October 29, 2026, the Company issued AOMT 2026-6, a securitization of approximately $250.6 million scheduled unpaid principal balance backed by a pool of residential mortgage loans. The Company issued AOMT 2026-6 as the sole contributor in the securitization.

On November 3, 2026, the Company declared a dividend of $0.32 per share of common stock, to be paid on November 30, 2026 to common stockholders of record as of November 23, 2026.