Angel Oak Companies posted another record year in 2019, surpassing $17 billion in assets under management. The firm also completed a record six non-QM securitizations totaling approximately $3.1 billion, exceeding the 2018 volume by about $2 billion.
“People want to invest with us because of our vertical integration, which allows us to control credit and grow thoughtfully,” said Sreeni Prabhu, co-CEO and chief investment officer at Angel Oak Companies. “We’re proud of what we have built, and we see a bright future ahead of us as we tap into our information sources and data to improve our overall business and better serve investors.”
Angel Oak’s mortgage platform, led by Angel Oak Mortgage Solutions and Angel Oak Home Loans, funded $3.3 billion in non-QM mortgages last year, a company record and a 52% spike in volume from 2018. In the fourth quarter alone, the company funded more than $1.1 billion in non-QM loans, a 67% spike from Q4 of 2018. Angel Oak projects that it will fund more than $8 billion overall in residential mortgages in 2020. Angel Oak has also become one of the largest servicers of non-QM loans, managing $4.4 billion of servicing assets.
“As established leaders in the non-QM space, we are always looking to innovate and adapt to better serve our investors and customers,” said Mike Fierman, managing partner and co-CEO of Angel Oak Companies. “We are uniquely positioned to capitalize on this continually growing market. Incorporating a more analytical and tech-led approach will help us strategically expand and continue to originate healthy loans.”
Angel Oak also grew its headcount, hiring 63 people in 2019 to bring its total staff to 711. The lending units improved and expanded the company’s Dallas facility, tripling its square footage. The firm also moved its Atlanta investment-management headquarters into a larger office space in June.