Angel Oak Mortgage REIT, Inc.

Good morning. Thank you for joining us today for Angel Oak Mortgage REIT's first quarter 2025 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.angelokereit.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, and Chief Financial Officer, Brandon Filson. 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.angelokeree.com. Now, I'll turn the call over to Srini.

Thank you, Casey, and thank you all for joining us today.

Our performance in the first quarter of 2025 was highlighted by continued net interest margin growth, driven by accretive newly originated loan purchases, maintained operating expense savings, and valuation tailwinds that buoyed book value growth compared to the end of 2024. Cash flow and dividend coverage continue to expand as a result of our discipline and value-driven operating model, which enables us to grow the earnings power of the portfolio, even in periods of sustained market volatility. Our priority is to drive long-term earnings accretion to our focused operational strategy while appropriately managing risk. While we did not execute a securitization in the first quarter, we were the sole participant in the AOMT 2025-4 securitization, which we closed shortly after quarter end and has provided us with capital to continue to purchase new loans and reduce some repurchase debt associated with our retained bond portfolio, both of which should drive incremental net interest income in the coming quarters. Despite uncertainty surrounding international trade and tariff activity beginning the end of the first quarter, the foundation of our business model continues to be supportive, and we expect to continue the earnings growth trajectory established over the course of the past year and a half. Interest rates have declined meaningfully from the end of 2024, though the positive impact has likely been at least partially offset. by previously mentioned international trade uncertainty, which has widened interest rate spreads. Mortgage rates have been stable, as we continue to see our non-QM loan originations in the mid to high 7% range. Overall, securitization markets have been resilient, with a deep pool of market participants willing to participate in the market. That being said, there have been some variation in execution levels in terms of spreads depending on the timing with data points and or trade announcements. We have ample opportunities for us to recycle capital and continue growing our target asset portfolio. Our capital deployment strategy will remain adaptive and flexible, aligning with evolving market dynamics in order to maximize expected shareholder returns. With regards to capital raises, we will remain flexible and will continue to evaluate opportunities from perspective of earnings and value accretion over near and long-term, as reflected by our creative senior unsecured note issuances last year. As we move forward, our focus remains on executing in line with our earnings generating model and delivering positive outcomes for shareholders by positioning our balance sheet to be active buyer of high-quality non-QM loans. With that, I'll turn it over to Brandon, who will walk us through our first quarter financial performance in greater detail.