Angel Oak Issues First Securitization of 2023

Rhea-AI Summary

Angel Oak Capital Advisors has announced the securitization of AOMT 2023-1, totaling approximately $580.5 million. This issuance features loans from Angel Oak-affiliated lenders and has received a AAA rating from Fitch Ratings. The transaction, which consists of 1,073 loans, reflects strong institutional investor interest, with an average credit score of 736 and a loan-to-value ratio of 71.1%. This marks Angel Oak's total AOMT issuance to over $13 billion, highlighting the firm's commitment to the non-agency RMBS market as it anticipates increased activity in 2023.

Positive

• Securitization of AOMT 2023-1 totals approximately $580.5 million.
• Senior tranche received a AAA rating from Fitch Ratings.
• Strong institutional investor interest indicates market confidence.
• Average credit score of loans in the securitization is 736.
• Total AOMT issuance exceeds $13 billion, demonstrating market leadership.

Negative

• None.

Angel Oak’s return to the securitization market reflects firm’s commitment to the non-agency RMBS space

ATLANTA--(BUSINESS WIRE)-- Angel Oak Capital Advisors, LLC (“Angel Oak”) today announced the issuance of AOMT 2023-1, an approximately $580.5 million securitization backed in part by loans originated by Angel Oak affiliated lending companies. The senior tranche of the AOMT 2023-1 received a AAA rating from Fitch Ratings.

“We’re very pleased with the execution of AOMT 2023-1 as we return to the market in the new year,” says Namit Sinha, Chief Investment Officer of Private Strategies at Angel Oak Capital Advisors. “Strong institutional investor interest and attractive spread tightening are supportive of the overall non-agency RMBS market that we believe could see a resurgence in 2023. We intend to play a larger role in this space in the coming months, depending on market conditions.”

The securitization is made up of 1,073 loans and includes loans sold by Angel Oak Mortgage, Inc. (NYSE: AOMR), the Angel Oak-affiliated, publicly traded REIT. The transaction brings Angel Oak’s total AOMT issuance to over $13 billion as it continues to serve as a leader in the non-agency securitization market.

At deal closing, AOMT 2023-1 consisted of 1,073 loans. The securitization has an average original credit score of 736, an original average loan-to-value ratio of 71.1%, and a non-zero debt-to-income ratio of 32.2%.

About Angel Oak Capital Advisors, LLC

Angel Oak is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230131006077/en/

Media:

Trevor Davis, Gregory FCA for Angel Oak Capital Advisors

443-248-0359

trevor@gregoryfca.com



Company:

Randy Chrisman, Chief Marketing & Corporate IR Officer, Angel Oak Capital Advisors

404-953-4969

randy.chrisman@angeloakcapital.com

Source: Angel Oak Capital Advisors, LLC

FAQ

What is the amount of the AOMT 2023-1 securitization by Angel Oak Mortgage (AOMR)?

The AOMT 2023-1 securitization totals approximately $580.5 million.

What rating did the senior tranche of AOMT 2023-1 receive?

The senior tranche of AOMT 2023-1 received a AAA rating from Fitch Ratings.

How many loans are included in the AOMT 2023-1 securitization?

AOMT 2023-1 includes a total of 1,073 loans.

What is the average credit score of the loans in AOMT 2023-1?

The average original credit score of the loans in AOMT 2023-1 is 736.

How has Angel Oak performed in the non-agency RMBS market?

Angel Oak has issued over $13 billion in total AOMT securitizations, reflecting its leadership in the non-agency RMBS market.