Angel Oak Mortgage REIT, Inc.

Good day and welcome to the Angel Oak Mortgage Right second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. 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. K.C. Kelleher. Please go ahead.

Good morning, and thank you for joining us today for Angel Oak Mortgage REIT's second 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.angelogreat.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.angelogreat.com. Now I will turn the call over to Srini.

Thank you, Casey, and thank you all for joining us today. The second quarter of 2025 was highlighted by our securitization and capital markets activity as we continue to execute towards our earnings growth goals. We completed two securitizations during the quarter, and issued $42.5 million of unsecured debt. The capital released and raised by these transactions was deployed into high-quality loans that are expected to drive incremental earnings. Similar to senior unsecured notes we issued in 2024, we expect the new issuance to be accretive to earnings within the next quarter as the earnings from newly purchased assets make their way into the portfolio. This is strategic playbook we have used successfully in the past and it continues to be vital growth catalyst for us and the performance of our investment portfolio. Results for the quarter were in line with expectations with 5% growth in net interest income compared to Q2 2024 and a slight contraction compared to the first quarter due to the added expense of the new senior unsecured notes. Despite the decrease versus the last quarter, we have generated strong expansion in year-to-date net interest income compared to the first half of 2024, which Brandon will detail further. Book value declined slightly compared to the first quarter on per share basis, driven by net decrease in valuations and the payment of our dividend. Cash flow and dividend coverage remains relatively stable and are expected to resume their respective growth trends demonstrated over the last two years, driven by earnings from assets purchased during and after the quarter. On credit, notably, 90-plus-day delinquency rates decreased at the portfolio-wide level compared to the past two quarters, driven by a reduction in delinquency rates for loans securitized in the past two years. The AOMT shelf has begun to distinguish itself along its peers with regards to delinquency performance. which is a direct reflection of our expertise as credit managers. Despite continued uncertainty surrounding international trade and tariff activity, our mortgage rates have been relatively stable, and we continue to purchase loans in the mid to high 7% range. Securitization markets have remained active and accretive amid uncertainty, with both traditional and new participants being active in the market. We have ample opportunities 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 returns for our shareholders. Moving forward, our focus remains on executing our business strategy and delivering positive outcomes for our shareholders while positioning our balance sheet to be an active buyer of high-quality non-QM loans. With that, I'll turn it over to Brandon, who will walk us through our second quarter financial performance in greater detail.