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  <xs:element id="aomr_ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember" abstract="true" name="ResidentialMortgageBackedSecuritiesWholePoolAgencyFreddieMacMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_DebtSecuritiesAvailableForSaleNetOfSecuritiesSoldUnderAgreementsToRepurchase" abstract="false" name="DebtSecuritiesAvailableForSaleNetOfSecuritiesSoldUnderAgreementsToRepurchase" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_A9.750UnsecuredSeniorNotesDue2030Member" abstract="true" name="A9.750UnsecuredSeniorNotesDue2030Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_MultinationalBank1Member" abstract="true" name="MultinationalBank1Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_GlobalInvestmentBank2Member" abstract="true" name="GlobalInvestmentBank2Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_GlobalInvestmentBank3Member" abstract="true" name="GlobalInvestmentBank3Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_GlobalInvestmentBank4Member" abstract="true" name="GlobalInvestmentBank4Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_NonRecourseDebtMember" abstract="true" name="NonRecourseDebtMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_DebtInstrumentRenewalTerm" abstract="false" name="DebtInstrumentRenewalTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="aomr_InterestRateFutureMember" abstract="true" name="InterestRateFutureMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_ToBeAnnouncedTBAsMember" abstract="true" name="ToBeAnnouncedTBAsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_ChangeInUnrealizedAppreciationDepreciationOnDerivativeInstrumentsNet" abstract="false" name="ChangeInUnrealizedAppreciationDepreciationOnDerivativeInstrumentsNet" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember" abstract="true" name="LoansReceivableResidentialMortgageLoansInSecuritizationTrustsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_AgencyWholePoolLoanSecuritiesMember" abstract="true" name="AgencyWholePoolLoanSecuritiesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_NonRecourseSecuritizationObligationUnrecognizedUnrealizedAppreciation" abstract="false" name="NonRecourseSecuritizationObligationUnrecognizedUnrealizedAppreciation" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_NonRecourseSecuritizationObligationFairValueDisclosure" abstract="false" name="NonRecourseSecuritizationObligationFairValueDisclosure" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_NonRecourseSecuritizationObligationUnrecognizedUnrealizedDepreciation" abstract="false" name="NonRecourseSecuritizationObligationUnrecognizedUnrealizedDepreciation" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLoansHeldForSale" abstract="false" name="FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetLoansHeldForSale" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPrincipalPayments" abstract="false" name="FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPrincipalPayments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_AOMT20214And20217Member" abstract="true" name="AOMT20214And20217Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_NonRecourseDebtAmortizedCost" abstract="false" name="NonRecourseDebtAmortizedCost" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_NonRecourseDebtFairValueDisclosure" abstract="false" name="NonRecourseDebtFairValueDisclosure" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_NonRecourseDebtDifferenceBetweenAmortizedCostAndFairValue" abstract="false" name="NonRecourseDebtDifferenceBetweenAmortizedCostAndFairValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_LongTermDebtDifferenceInFairValueAndCarryingValue" abstract="false" name="LongTermDebtDifferenceInFairValueAndCarryingValue" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_DeferredTaxAssetsUtilizationOfOperatingLossCarryforwards" abstract="false" name="DeferredTaxAssetsUtilizationOfOperatingLossCarryforwards" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_LoansPurchasedFromAffiliatesMember" abstract="true" name="LoansPurchasedFromAffiliatesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_NumberOfLoansPurchasedFromRelatedPartiesDuringPeriod" abstract="false" name="NumberOfLoansPurchasedFromRelatedPartiesDuringPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="aomr_NumberOfLoansPurchasedFromRelatedPartiesOwnedAndHeld" abstract="false" name="NumberOfLoansPurchasedFromRelatedPartiesOwnedAndHeld" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="aomr_ManagementAgreementMember" abstract="true" name="ManagementAgreementMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_RelatedPartyAnnualFixedManagementFee" abstract="false" name="RelatedPartyAnnualFixedManagementFee" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="aomr_RelatedPartyMinimumIncentiveFee" abstract="false" name="RelatedPartyMinimumIncentiveFee" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeePercent" abstract="false" name="RelatedPartyIncentiveFeePercent" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeeDistributedEarningsPeriod" abstract="false" name="RelatedPartyIncentiveFeeDistributedEarningsPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeeEquityPeriod" abstract="false" name="RelatedPartyIncentiveFeeEquityPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeePerAnnumPercent" abstract="false" name="RelatedPartyIncentiveFeePerAnnumPercent" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeeNumberOfQuarters" abstract="false" name="RelatedPartyIncentiveFeeNumberOfQuarters" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="aomr_RelatedPartyIncentiveFeePeriod" abstract="false" name="RelatedPartyIncentiveFeePeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="aomr_LoansReceivableCommercialMember" abstract="true" name="LoansReceivableCommercialMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_LoansHeldForSale" abstract="false" name="LoansHeldForSale" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_FinancingReceivableAmortizedCostAfterAllowanceForCreditLoss" abstract="false" name="FinancingReceivableAmortizedCostAfterAllowanceForCreditLoss" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="aomr_FinancingReceivableWeightedAverageRemainingMaturity" abstract="false" name="FinancingReceivableWeightedAverageRemainingMaturity" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="aomr_ATMProgramMember" abstract="true" name="ATMProgramMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_XylemFinanceLLCMember" abstract="true" name="XylemFinanceLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="aomr_DividendsOnCommonStockTaxedAsOrdinaryIncomePercent" abstract="false" name="DividendsOnCommonStockTaxedAsOrdinaryIncomePercent" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="aomr_DividendsOnCommonStockTaxReturnOfCapitalPercent" abstract="false" name="DividendsOnCommonStockTaxReturnOfCapitalPercent" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="aomr_EquityIncentivePlan2021Member" abstract="true" name="EquityIncentivePlan2021Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
</xs:schema>
