Angel Oak Mortgage REIT, Inc.

Good day and welcome to the Angel Oak Mortgage Read fourth quarter 2025 earnings conference call. 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 and thank you for joining us today for Angel Oak Mortgage Read's fourth quarter and full year 2025 earnings conference call. This morning, we filed our press release detailing these results, which is available in the investor section on our website at www.angelokereads.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 violence. 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'll turn the call over to Srini.

Thank you, Casey, and thank you all for joining us today. Our fourth quarter and full year results were encouraging, serving as a testament to the strength of our earnings engine and our dedication to our process. We delivered our second consecutive year of double-digit net interest income percentage growth alongside our third consecutive year of operating expense reduction, emphasizing the stability of our platform and the strength of our operations. We executed our proven strategy, demonstrating its value in an evolving and a constructive market environment as we navigate a shifting rate backdrop. GAAP book value per share increased year over year due to improving valuations in our legacy securizations as rates moved lower, as well as higher net interest income supported by our deployment of capital into high-yielding investments. Credit performance remains strong, both in aggregate and relative to the overall market, and we believe our portfolio remains well positioned to perform comparatively well over a range of macroeconomic outcomes. We continue to see the benefits of our deliberate early decision to step up in credit quality and focus our balance sheet on assets that we believe are resilient across a range of economic outcomes. The broader interest rate environment in 2025 was characterized in general by decreasing rates across the curve and over the course of the year, amid shifting of the expectations around the pace and the path of short-term rates. While uncertainty remains, we are optimistic that short-term rates will continue to decline and we will see further steepening in the yield curve. Securitization markets were healthy throughout 2025 with tightening spreads and healthy investor demand supporting attractive term financing for our investment portfolio. We participated in four securitizations and caught two of our legacy deals from 2019, enabling us to redeploy the delevered capital into higher yielding assets. Notably, We also completed our first HELOC securitization. We believe HELOCs are an attractive and growing asset class, and we expect to continue to invest in them, though we remain focused on our core strategy of acquiring and securitizing high-quality non-QM loans. We had a new warehouse credit facility in 2025, diversifying our lender base and continuing to optimize our funding mix to support high-quality loan purchases. Additionally, we completed our second issuance of senior unsecured notes, the capital from which was quickly deployed into accretive target asset purchases that generated incremental earnings within a quarter of the debt issuance. These actions position us to sustain and further enhance net interest income increases as we move forward while maintaining a prudent approach to leverage and liquidity. Looking ahead, our addressable market remains significant and continues to grow, driven by a structural demand for non-QM solutions and ongoing need for specialized mortgage credit. Within this market, AngelLock has established itself as a leading non-QM platform with differentiated sourcing, underwriting, and financing capabilities. Our consistent security and execution combined with strong collateral performance and a growing track record of the AOMT shelf positions us to capture attractive risk-adjusted opportunities. We'll continue to manage recourse leverage prudently, emphasize debt interest margin and earnings growth, and focus on the segments of the market where we see the most compelling long-term risk reward. We believe our results and momentum prove that AOMR is well-positioned to operate through a range of economic environments to continue strong performance within existing rate landscape and to deliver risk-adjusted returns and long-term value for our shareholders across cycles. With that, I'll turn it over to Brandon, who will walk us through our fourth quarter and full year 2025 financial performance in greater detail.