Focusing on our balance sheet. As of March 31, we had $39.4 million of cash on hand. Our recourse debt-to-equity ratio was roughly 1.8x at the end of the quarter compared to 1.9x as of December 31, 2023. Since quarter end, the maturity of our short-term U.S. treasury assets and corresponding repurchase agreements on April 9, 2024, reduced our recourse debt-to-equity ratio to 1.3x.
Further, the impact of AOMT 2024-4 reduced our recourse debt-to-equity ratio to approximately 0.5x as of today’s date. Note that this will likely increase as we continue to purchase loans, but we expect that our recourse debt-to-equity ratio will remain low in the short term and below 2.5x on a long-term basis.
Our residential whole loan portfolio stood at a fair value of $368 million as of quarter end, financed with $284 million of warehouse debt, $1.2 billion of residential mortgage loans and securitization trust and $463 million of RMBS, including $18 million of investments in majority-owned affiliates, which are included in other assets in our balance sheet.
We are pleased with the execution of AOMT 2024-4 subsequent to quarter end, our first stand-alone securitization of the year, to which we contributed loans with $300 million of scheduled unpaid principal balance at a weighted average coupon of 7.4%. The deal removed approximately $236 million of warehouse debt and allowed us to save approximately 100 basis points on the financing rate of the loans contained within the deal. Notably, this securitization effectively removed the impact of the legacy-aged loans from our portfolio.
We’re deploying the capital released from the deal into high-quality, high coupon loans, primarily from our affiliated non-QM mortgage originator, targeting coupons above 8% in order to further expand our net interest margin on a go-forward basis. Additionally, we’ll use the capital to opportunistically reduce other borrowings in an effort to grow interest income by reducing funding costs.
Following the securitization, we are carrying a smaller unsecuritized loan portfolio balance, which we expect to replenish quickly with high-quality current market coupon loans. We remain confident in our goal to complete one securitization each quarter this year on average.
Moving on, our GAAP book value per share increased 2.8% to $10.55 per share as of March 31, up from $10.26 in the fourth quarter. Our economic book value with fair values all non-recourse securitization obligation was $13.78 per share as of March 31, up 1.8% from $13.54 per share as of the fourth quarter. We estimate that GAAP and economic book value are roughly flat compared to the end of the quarter to today’s date.
We purchased $43.2 million of loans in the first quarter that carried a weighted average coupon of approximately 8.1% and a weighted average LTV of 68.7% and a weighted average FICO of 747. The weighted average coupon for our residential whole loan portfolio as of the end of the quarter was 7.11%, representing an increase of 33 basis points since the end of the fourth quarter.
Loan purchases have accelerated in the second quarter, as origination activity picks up following the slower winter months. And we have increased capital release for the AOMT 2024-4 securitization. Following that securitization, the unpaid principal balance of our whole loan portfolio was approximately $80 million, with a weighted average coupon of 6.5%. Since then, loan purchases and committed loan purchases have increased the weighted average coupon backup to approximately 7%.
Because of the reduced size of the residential loan portfolio post-AOMT 2024-4, the weighted average coupon will increase quickly, with intended continued purchases of current market coupon loans. We remain optimistic in our ability to continue our plans for programmatic loan purchases and remain disciplined in our credit selection for the remainder of the year.
Finally, the company declared a $0.32 per share common dividend, which will be paid on May 31, 2024, to stockholders of record as of May 22, 2024. For additional color on our financial results, please review the earnings supplement available on our website.
I will now turn it back to Sreeni for closing remarks.
Sreeniwas Prabhu: Thank you, Brandon. We are proud of the growth we have achieved from an execution standpoint, and we believe there is a meaningful upside to be captured as we continue to execute on our long-term goals.
Our balance sheet is effectively delevered from a recourse debt-to-equity standpoint as of today. We plan to deploy our capital released from 2024-4 into new loan purchases, reductions in other borrowings and for other accretive purposes. As we look to grow the earnings power of our portfolio further, the company may elect to engage with capital markets.
With that said, we know that any activity would stem from an actionable opportunity with economics that we expect to be directly accretive to our business and results. As we enter the second quarter and look towards the remainder of the year, we look forward to delivering positive returns to our shareholders.
With that, we’ll open up the call to your questions. Operator?
Operator: [Operator Instructions] Our first question is from the line of Doug Harter with UBS.
Douglas Harter: Hoping we could touch on the last point you brought up about accessing capital markets. Can you just talk about how you think about your cost of capital? And kind of how you would define kind of what is accretive to shareholders? And maybe along those lines, kind of what type of instruments you would be looking at?
Brandon Filson: Doug, it’s Brandon. We — I think it’s no real secret, right, with our balance sheet that we’re 100% really financed with common equity. So right now, as we’re looking at capital markets, most likely any kind of raise would be somewhere in the debt space.
Our current securitization execution kind of gets us — pinpoint us back into high teens, low 20% return hurdle. So anything in that, I think, current market. I mean MFA did a deal recently about 9% coupon on a baby bond deal. Some of the senior secured deals have gone up as well. So anything in that range, we think would be very accretive to the common holders and allow us to continue to grow.
