Market Overview

Angel Oak Capital Advisors Issues Its Largest Securitization Fully Backed by Affiliated Loans

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Angel Oak has issued nearly $2 billion in non-QM securitizations
since 2015

Angel
Oak Capital Advisors, LLC
(Angel Oak) announced today it has
completed AOMT 2018-3, a $395.8 million securitization composed entirely
of mortgages issued by the firm's three affiliated mortgage lenders: Angel
Oak Mortgage Solutions, LLC
, Angel
Oak Home Loans, LLC
and Angel
Oak Prime Bridge, LLC
. The senior tranche of AOMT 2018-3 received an
AAA rating from both Fitch and DBRS.

AOMT 2018-3 is Angel Oak's largest non-QM securitization of its own
affiliate origination collateral to date, and it comes just two months
after its largest overall deal, AOMT 2018-2, which was $402 million in
size. Angel Oak has been a consistent issuer of securitizations since
2015, accounting for eight non-QM transactions totaling approximately $2
billion in total securitized residential loans.

"We believe that, relative to other recent non-QM transactions, the
tight pricing of AOMT 2018-3 demonstrates that investors have the
confidence in and demand for the Angel Oak securitization program. The
vertical integration of the mortgage origination platform and the asset
management securitization program provides additional transparency to
the market and has established Angel Oak as a recognized leader in the
space," says Lauren Hedvat, Managing Director of Capital Markets at
Angel Oak.

The deal was composed of 966 loans with a weighted average FICO credit
score of 712 and an average loan amount of $409,694. The majority of the
loans included in the securitization are collateralized by properties
located in California, Florida and Georgia.

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 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.

As of July 31, 2018, Angel Oak Capital had approximately $9.2 billion in
assets under management across its mutual funds, private funds and
separately managed accounts.

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

About Angel Oak Mortgage Solutions, LLC

Angel Oak Mortgage Solutions, a leader in alternative lending products,
is one of the top wholesale and correspondent providers of non-qualified
mortgage loans in the nation. Its team of mortgage experts continues to
pioneer a fresh, commonsense approach to overcoming today's mortgage
lending challenges. They operate in 38 states, and their breadth of
non-QM 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 residential mortgage lender. In
addition to offering traditional mortgage products, they specialize in
innovative alternative lending options. Angel Oak Home Loans' flexible,
supportive approach empowers prospective buyers to embark on a new path
to home ownership with confidence. Its experienced team of licensed
mortgage advisors is leading the way by delivering start-to-finish
mortgage support and a superior client experience.

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

About Angel Oak Prime Bridge, LLC

Angel Oak Prime Bridge is a commercial 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. Their lending philosophy is founded on
the principle 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

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