Angel Oak Mortgage REIT, Inc.

and welcome to the Angel Oak Mortgage REIT third quarter 2024 earnings conference call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, you will have an opportunity to ask questions. To ask a question, you may press star then one on your touchtone telephone. To withdraw your question, please press star, then 2. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Casey Kelleher. Please go ahead.

Good morning. Thank you for joining us today for Angel Oak Mortgage REIT's third quarter 2024 earnings conference call. This morning, we filed our press release detailing these results. which is available in the Investors section on our website at www.angelokeread.com. As a reminder, remarks made on today's conference call may include forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those discussed today. We do not undertake any obligation to update our forward-looking statements in light of new information or future events. For a more detailed discussion of the factors that may affect the company's results, please refer to our earnings release for this quarter and to our most recent SEC filings. During this call, we will be discussing certain non-GAAP financial measures. More information about these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are contained in our earnings release and SEC filings. This morning's conference call is hosted by Angel Oak Mortgage REIT's Chief Executive Officer, Srini Prabhu, Chief Financial Officer, Brandon Filson, and Angel Oak Capital's Chief Investment Officer, Namit Sinha. Management will make some prepared comments, after which we will open up the call to your questions. Additionally, we recommend reviewing our earnings supplement posted on our website, www.angelokereit.com. Now I'll turn the call over to Srini.

Thank you, Casey, and thank you to everyone on the call for joining us today. We were pleased to see the rate environment begin to shift in the third quarter as easing inflation and employment stability gave the Fed enough confidence to reduce interest rates for the first time since March of 2020. AOMR was in a position to capitalize on this shift and began the second half of 2024 carrying momentum from a productive first half of the year. We have achieved all our near-term goals communicated during our Q2 earnings call with regard to July's senior unsecured note sessions, having fully deployed that capital into newly originated, accretive, high-quality non-QM loans. These loan purchases, combined with our securitization activity, are currently producing net interest income that exceeds the cost of newly issued debt making the additional leverage accretive to net interest income within three months of its issuance. Additionally, in early October, we completed a securitization of many of those newly originated loans, recycling capital into additional loan purchases to drive compounded net interest income and target asset growth. This is possible due to our discipline and focused operational strategy and approach that is designed to deliver consistent and attractive investor returns. We operate our business with a focus on sound, long-term decision-making rather than extending into speculative risks. We observed meaningful balance sheet and net income growth in the third quarter, driven largely by increased valuations across our portfolio. To that end, GAAP book value saw an increase of over 10%, with economic book value increasing by over 6%. As expected, net interest income was down slightly, but stayed relatively flat as we deployed fresh capital from July's debt issuance throughout the quarter. By end of the quarter, our run rate was more than covering the incremental interest expense and we expect to see meaningful net interest income growth in the coming quarters. Additionally, September's Fed Funds rate cut and our AOMT 2024-10 issuance in October will both drive expanded margin going forward. Our achievements stem from our proprietary affiliated origination, purchase, and securitization platform, a successful and focused model designed by our management team. This approach prioritizes the creation of sustainable and predictable earnings generation. Our business is highly structured and managed by experienced operators, ensuring that our investment and capital deployment process runs smoothly and efficiently. Looking ahead, we believe we are entering a constructive macroeconomic cycle for Angel Oak Mortgage REIT and the broader mortgage REIT sector. Historical trends such as those observed in prior economic cycles, indicate that we may see a period of significant growth potential and heightened capital markets activity. Investment in non-QM has positive momentum, especially as investors gain enthusiasm around private credit opportunities. Non-QM is essentially a highly collateralized, stable private credit investment with proven and standardized underwriting process. We are positioning ourselves for those potential opportunities and will be ready to execute on accretive capital raises and transactions that can further enhance our balance sheet and drive shareholder value. As we move forward, we remain dedicated to delivering positive outcomes for our shareholders and capitalizing on the exciting prospects that lie ahead. With that, I'll turn it over to Brandon, who will walk us through our financial performance for the third quarter in greater detail.