Angel Oak Mortgage REIT, Inc.

Good day and welcome to the Angel Oak Mortgage REIT Third Quarter 2025 Earnings Conference Call. All participants will be less than only one. 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 a question. To ask a question, you may press star, then one, on your telephone keypad. To withdraw a question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Casey Keller. Please go ahead.

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

Thank you, Casey, and thank you all for joining us today. Our third quarter performance reflected another period of disciplined execution and strategic progress for AOMR. We continue to execute both operationally and strategically in a constructive market environment. We capitalized on a couple of strategic opportunities to reallocate capital into high yielding assets, improve our loan financing funding costs, and diversify our lender base. And as always, our team continued to focus on deploying capital into high-quality, income-accretive opportunities, supporting both portfolio growth and underlying earnings quality while maintaining vigilance on credit. Our results this quarter were in line with our expectations. This was highlighted by our 13% growth in net interest income compared to third quarter of 2024 and a 2% increase compared to second quarter of the year. Gap book value per share increased by over 2% compared to the second quarter, driven by increases in valuations across our portfolio. Cash flow dividend coverage increased and is expected to continue its growth trend as demonstrated over the last two years. This is driven by earnings from assets purchased during and post quarter end, as well as the re-securitization of some pre IPO deals, which will rotate capital into high yield uses. Credit continues to perform well, both in aggregate and relative to our peers and our earnings generation engine continues to strengthen. As I mentioned, we executed on several key initiatives during the quarter. First, We successfully called and retired two legacy vintage deals, which is something we have been opportunistically monitoring for the last several quarters. Retiring these deals allowed us to release and reinvest capital into new attractive opportunities and further optimize the yield on our investment portfolio. Second, we added new warehouse credit facility and extended another facility at attractive funding rates. which combined with decreases in SOFR are expected to improve margins while also diversifying our lender base. These actions, along with our continued focus on official capital recycling and securitization, emphasize the reliability and the repeatability of our strategy. We are encouraged by the strength and stability in the securitization market as well as the constructive environment for portfolio growth. Securitization spreads continue to tighten and the market continues to function efficiently with new and traditional participants active in the marketplace. The market backdrop has become more positive as the year has progressed and the interest rate trajectory and the efficient securitization execution have supported valuation and earnings growth for AOMR. While the competition in the space has increased, we see this as an indication of solid demand in an area where we have demonstrated expertise. Further, our differentiated platform and dynamic approach to capital deployment and portfolio management positions us to capitalize on opportunities. As we look ahead, we remain committed to continued execution of our strategies, delivering strong results for shareholders and building on our solid historical track record. With that, I'll turn it over to Brandon who will walk us through our third quarter financial performance in greater detail.