Angel Oak Capital Advisors has completed a $609 million securitization primarily composed of non-QM residential mortgages. The securitization was backed primarily by loans originated through sister companies, or affiliates, including Angel Oak Mortgage Solutions LLC, Angel Oak Home Loans LLC and Angel Oak Prime Bridge LLC. The transaction was rated by both Fitch and Dunn & Bradstreet.

The securitization is one of the largest non-QM transaction of affiliated originator loans completed since the 2008 financial crisis. The deal is Angel Oak’s ninth non-QM securitization, bringing the total issuance amount to $2.6 billion. All nine securitizations have been backed almost entirely by mortgages originated by Angel Oak’s affiliated lenders.

“The size of this deal reflects our strong investor following and leadership in the non-QM market. Angel Oak’s vertically integrated issuer model uniquely positions us in the marketplace because, through our securitizations, we are able to provide investors with direct exposure to non-QM loans originated by our affiliated mortgage lenders,” said Sreeni Prabhu, Angel Oak’s co-CEO and CIO.

The security includes 1,752 loans with an average weighted credit score of 710. The average loan amount is $348,000, with the majority of the loans were issued in California, Florida and Georgia.

“We believe our programmatic non-QM issuance further demonstrates the sector’s post-crisis growth, and we look forward to contributing to the continuation of that momentum,” said Lauren Hedvat, managing director of capital markets for Angel Oak.