Market Overview

Angel Oak Companies Continues to Set the Standard in Non-QM Market

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Record growth at Angel Oak Companies leads to numerous milestones in
Q2

Angel
Oak Companies
set a record for non-qualified mortgage (non-QM)
lending in Q2 2018 as the affiliated lenders, Angel
Oak Mortgage Solutions, LLC
, Angel
Oak Home Loans LLC
and Angel
Oak Prime Bridge, LLC
, combined for over $512 million in non-QM
originations. That figure represents a 52% increase in volume from Q1
2018 (the previous record for originations in a single quarter) and a
90% increase over Q2 2017. When this total is broken out by unit, each
affiliate produced its own record origination numbers this quarter. In
addition to record-setting volume, the company also grew its staff by
25%, opened new offices and completed a major acquisition.

"Our growth over the past few quarters has been incredible, but Q2
stands out as a true milestone for our company and the industry," says
Mike Fierman, co-CEO of Angel Oak Companies. "It's not just industry
insiders who recognize the growth of non-QM anymore. Loan officers,
borrowers and Realtors across the country are seeking out Angel Oak
because they know we offer the best non-QM products and service in the
industry."

In addition to record lending volume, Angel
Oak Capital Advisors, LLC
, the investment management affiliate of
Angel Oak Companies, ended the quarter with approximately $9.1 billion
in assets under management (AUM). It also completed the largest
non-QM securitization in company history
– a $402 million
securitization almost entirely comprised of non-QM residential mortgages
sourced through affiliated mortgage lenders, Angel Oak Mortgage
Solutions, Angel Oak Home Loans and Angel Oak Prime Bridge. Since 2015,
Angel Oak Capital Advisors has successfully completed seven non-QM
securitizations, accounting for approximately $1.6 billion in total
securitized residential loans largely backed by mortgages originated
through its affiliated mortgage lenders.

Angel Oak Companies' record-setting performance has also led to growth
across all affiliates, both in staff and geographic reach. Angel Oak
affiliates added 104 new employees in Q2 and now employ 527 staff
members. Angel Oak Mortgage Solutions completely filled its new
operations center in Dallas, Texas, and is searching for additional
space to support the fast-growing demand for its products. Retail
affiliate Angel Oak Home Loans opened new offices in North Carolina,
expanding its presence in one of the hottest markets in the country.
Similarly, Angel Oak Prime Bridge expanded its footprint to 16 states.
Finally, Angel Oak Commercial Lending completed the acquisition of Los
Angeles-based Cherrywood Mortgage, LLC, further expanding the wholesale
small-balance commercial lending arm of Angel Oak Companies.

The recent success has earned notable accolades for Angel Oak Companies
and its employees. National Mortgage Professional Magazine named Angel
Oak Companies a "Legend
of Lending
" and presented wholesale executive Steve Arnold a 2018
Account Executive MVP Award
. Alysse Prosnick, vice president of
operations at Angel Oak Mortgage Solutions, and Lauren Hedvat, managing
director of capital markets at Angel Oak Capital Advisors, were
recognized as Elite Women 2018 by Mortgage Professional America. Angel
Oak Companies was also named to the Association for Corporate Growth's
Fast 40, reinforcing Angel Oak's leadership in the mortgage industry.

"We're growing in every aspect of our business," says Fierman. "We don't
see that slowing anytime soon. In fact, we believe this is only the
beginning."

About Angel Oak Companies, LLC

Angel Oak Companies is an industry leader in delivering innovative
mortgage credit solutions. Through its integrated credit and investment
platform, Angel Oak Companies delivers solutions across asset
management, lending and capital markets.

For more information, please visit: www.angeloakcompanies.com

About Angel Oak Mortgage Solutions, LLC

Angel Oak Mortgage Solutions, a leader in alternative lending solutions,
is the top wholesale and correspondent provider of non-qualified
mortgage loans. Angel Oak's team of mortgage experts continues to
pioneer a fresh, commonsense approach to overcoming today's
mortgage-lending challenges. Operating in 38 states, its breadth of
non-agency products expands the pool of borrowers by offering partners
more opportunities to grow their business and better serve their
customers.

For more information, please visit: www.angeloakms.com

About Angel Oak Home Loans, LLC

Angel Oak Home Loans is a full-service mortgage lender. In addition to
offering traditional mortgage products, Angel Oak Home Loans and the
Angel Oak family of companies specialize in innovative alternative
lending options. Their flexible, supportive approach empowers
prospective homebuyers to embark on a new path with confidence. Angel
Oak's experienced team of licensed mortgage advisors is leading the way
by delivering start-to-finish mortgage support and an exceptional client
experience.

For more information, please visit: www.angeloakhomeloans.com

About Angel Oak Prime Bridge, LLC

Angel Oak Prime Bridge is a commercial residential lender providing
financing solutions for today's real estate investor. The company was
created in 2011 by individuals with extensive lending experience in the
residential and commercial lending spaces. Its lending philosophy is
founded upon a tenet of providing innovative portfolio loan programs
while consistently delivering an exceptional client experience for both
borrowers and referral partners.

For more information, please visit: www.angeloakprimebridge.com

About Angel Oak Capital Advisors, LLC

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

As of June 30, 2018, Angel Oak Capital Advisors had approximately $9.1
billion in AUM across its mutual funds, private funds and separately
managed accounts.

For more information, please visit: www.angeloakcapital.com

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