Angel Oak Capital Completes Its 22nd Non-QM Securitization Totaling $275 Million
We are excited to announce that Angel Oak Capital just issued a $275 million securitization rated by Fitch with the senior A1 bond rated triple A. Since 2015, Angel Oak has issued 22 non-QM securitizations totaling approximately $7.7 billion.
The details of this securitization are impressive:
- All bonds were oversubscribed in the deal and the execution on AOMT 2021-1 resulted in the lowest cost of debt (~1.0%) we have seen since the inception of our program.
- The collateral pool had a weighted average FICO of 743, and a weighted average LTV of 76%.
- The transaction was predominantly backed by collateral that was originated after the onset of the pandemic and it was the first AOMT deal to include loans originated after Q1 2020.
- The transaction was well diversified geographically with the five largest states being: FL (29%), CA (26%), TX (10%), GA (8%), and NJ (3%).
Investor confidence in non-QM remains strong due to strong performance and demand in the market. This latest Fitch rated securitization is great news for Angel Oak as we continue to grow.