Angel Oak Capital Advisors

What Angel Oak Capital Advisors does

Angel Oak Capital Advisors is an Atlanta-based fixed income investment management firm founded in 2008 to capitalize on opportunities in mortgage and structured credit markets following the global financial crisis. The firm manages approximately $25.1 billion in assets under management across nine public fund vehicles — mutual funds (Multi-Strategy Income Fund, UltraShort Income Fund), an interval fund (Strategic Credit Fund), five ETFs (High Yield Opportunities, Income, Mortgage-Backed Securities, Total Return, UltraShort Income), and a closed-end fund (Financial Strategies Income Term Trust) — plus institutional solutions including non-qualified mortgage strategies, bank subordinated debt, commercial real estate lending, and customized portfolios for insurance companies and other institutions.

The firm operates a vertically integrated platform spanning origination, securitization, and investment management, supported by proprietary technology that runs thousands of daily scenario analyses for collateral and bond structure evaluation. With $22 billion in cumulative securitization issuance, Angel Oak is one of the largest securitizers of non-qualified mortgages in the United States. Revenue is generated through management fees and expense ratios (ranging from 0.34% to 1.90% across funds) on its public vehicles, plus higher-fee institutional mandates distributed through a national sales team covering broker-dealers, RIAs, and institutional direct channels.

In October 2025, Brookfield Asset Management acquired a majority interest in Angel Oak Companies, LP, providing global distribution scale while Angel Oak continues to operate independently within Brookfield's credit platform. The firm employs approximately 75 professionals across offices in Atlanta, New York, and the Seattle area, and is co-led by Managing Partners Sreeni Prabhu and Michael Fierman.

Name

Angel Oak Capital Advisors

Legal name

Angel Oak Capital Advisors, LLC

Website

https://angeloakcapital.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

Angel Oak Capital Advisors is an Atlanta-based fixed income investment manager founded in 2008, managing $25.1 billion in mortgage and structured credit strategies across mutual funds, ETFs, interval funds, and closed-end funds for retail, institutional, and insurance clients; majority-owned by Brookfield since 2025.

Ownership category

akta.pro rank

Product category

Fixed Income Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

akta.pro secondary industries

Endowments (Universities, Foundations, Nonprofits) (FSAAAGAC), Insurance General Accounts (Institutional Asset Owners) (FSAAAGAG)

Keywords

• Fixed income management
• Structured credit investing
• Mortgage-backed securities
• Alternative credit strategies
• Institutional asset management

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Management Fees: Angel Oak generates revenue through management fees and expense ratios charged across its fund platform. Funds include mutual funds, ETFs, interval funds, and closed-end funds, each with gross and net expense ratios ranging from 0.34% to 1.90%. The firm also earns performance fees where applicable.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Angel Oak Capital Advisors is a fixed income investment management firm that manages actively managed mutual funds, interval funds, ETFs, closed-end funds, and customized institutional portfolios focused on mortgage-backed securities and structured credit. The firm operates a vertically integrated platform covering origination, securitization, and investment management, with approximately $25.1 billion in assets under management. It also provides institutional capital solutions including non-QM mortgage strategies, bank subordinated debt investments, commercial real estate lending, and tailored private credit solutions.

Product overview

Angel Oak Capital Advisors operates as a fixed income investment management platform offering a comprehensive suite of structured credit and mortgage-backed securities investment products. The platform provides both public investment vehicles and institutional solutions. Public vehicles include mutual funds (Multi-Strategy Income Fund, UltraShort Income Fund), interval funds (Strategic Credit Fund), ETFs (High Yield Opportunities ETF, Income ETF, Mortgage-Backed Securities ETF, Total Return ETF, UltraShort Income ETF), and closed-end funds (Financial Strategies Income Term Trust). Institutional solutions include Non-QM mortgage strategies, bank subordinated debt strategies, commercial real estate lending, and custom solutions. The firm is a pioneer in mortgage and structured credit investing, with vertical integration across origination, securitization, and investment management, and manages approximately $25.1 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-Strategy Income Fund (ANGIX) An open-end mutual fund seeking current income through best risk-adjusted opportunities in fixed income, investing opportunistically across securitized credit, corporate markets, and a wide range of credits and issuer types with a top-down approach and bottom-up credit selection. For retail and advisor channel investors.
• UltraShort Income Fund (AOUIX) An open-end mutual fund investing across diversified U.S. fixed income with primary focus on credit opportunities including RMBS, CMBS, ABS, and CLO, targeting current income while minimizing price volatility with average rate duration below 1.0 year. For retail and advisor channel investors.
• Strategic Credit Fund (ASCIX) A closed-end interval fund investing across structured and corporate credit, focusing on best relative value opportunities within fixed income with sector specialists providing recommendations to portfolio managers. For retail and advisor channel investors.
• High Yield Opportunities ETF (AOHY) An actively managed ETF seeking to maximize long-term risk-adjusted returns through diversified investment in bonds rated below investment grade, with unique allocation to both high-yield corporate credit and securitized credit. For retail and advisor channel investors.
• Income ETF (CARY) An actively managed ETF seeking current income through best risk-adjusted opportunities in fixed income, primarily investing in residential mortgage-backed securities (RMBS), asset-backed securities (ABS), and collateralized loan obligations (CLO). For retail and advisor channel investors.
• Mortgage-Backed Securities ETF (MBS) An actively managed pure-play residential mortgage credit ETF providing exposure to residential mortgage-backed securities, investing primarily in both agency and non-agency RMBS with focus on investment-grade non-agency MBS. For retail and advisor channel investors.
• Total Return ETF (TRBF) An actively managed intermediate core-plus bond ETF seeking total return through opportunistic investment across fixed income asset classes including investment grade and high yield corporates, agency and non-agency RMBS, CLOs, ABS, and other securitized bonds. For retail and advisor channel investors.
• UltraShort Income ETF (UYLD)

Quantifiable outcome

• ETF platform grew to $2.6B AUM within 3 years of launch
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Clearwater AnalyticscoreTechnology or Integration · 1 January 2025Angel Oak partnered with Clearwater Analytics on rated feeder structures for insurance companies. Clearwater provides technology solutions that automate reporting, lower barriers to entry, and make regulatory compliance easier for insurers managing alternative credit assets.
• SS&C EVOLVcoreTechnology or Integration · 1 January 2025Angel Oak collaborated with SS&C EVOLV on CECL accounting solutions for insurers. The partnership addresses challenges of CECL accounting amid volatile credit environments, helping insurers build scalable, auditable credit loss models.
• United Nations-supported Principles for Responsible Investment (PRI)coreOthersAngel Oak is a signatory to the UN-supported PRI, recognized as the leading global network for investors incorporating ESG considerations into their philosophies while aligning with fiduciary duties.

Scale indicators10 records

Recent moves4 records

Expansion highlights6 records

Emerging players

• Janus Henderson Investors: Global asset manager with active fixed income capabilities including securitized credit and multi-sector income strategies. Comparable to Angel Oak in offering actively managed fixed income funds across institutional and retail channels with structured credit expertise.
• WisdomTree: ETF-focused asset manager with growing fixed income ETF platform including securitized credit and structured yield strategies. Comparable to Angel Oak in competing for fixed income ETF flows and offering actively managed fixed income ETF products, though with broader asset class coverage.

Broad incumbents

• BlackRock: World's largest asset manager with the iShares fixed income ETF platform and significant structured credit capabilities. Comparable to Angel Oak in offering fixed income ETFs and institutional solutions, though at vastly greater scale and as part of a multi-asset platform.
• Invesco: Large global asset manager with significant fixed income ETF platform (including QQQ and numerous bond ETFs) and institutional fixed income capabilities. Comparable to Angel Oak in offering fixed income ETFs and institutional solutions, though as part of a much larger diversified platform.
• Nuveen (TIAA): Large asset manager with significant fixed income, structured credit, and closed-end fund capabilities. Comparable to Angel Oak in operating a complex of actively managed fixed income funds and serving institutional insurance and retirement clients, though at much greater scale.

Direct peers

• Cohen & Steers: Specialty asset manager with expertise in real assets and structured credit strategies, including preferred securities and securitized credit. Comparable to Angel Oak in offering closed-end funds, interval funds, and institutional solutions within specialty fixed income.
• Western Asset Management: Major fixed income manager with deep securitized credit expertise and multi-sector bond fund offerings. Comparable to Angel Oak in structured credit specialization and serving institutional and retail clients across active fixed income strategies.
• Eaton Vance (Morgan Stanley Investment Management): Specialty asset manager (acquired by Morgan Stanley in 2021) with significant fixed income, structured credit, and closed-end fund franchises. Comparable to Angel Oak in offering multi-strategy income funds, interval funds, and institutional solutions across structured credit.
• PIMCO: One of the world's largest fixed income asset managers with extensive structured credit and mortgage-backed securities capabilities across mutual funds and ETFs. Directly comparable to Angel Oak as a fixed income specialist managing both institutional and retail capital across multiple vehicles, though at materially greater AUM scale.
• DoubleLine Capital: Los Angeles-based fixed income specialist founded in 2009 by Jeffrey Gundlach with significant mortgage-backed securities expertise. Highly comparable to Angel Oak in focus on structured credit, RMBS, and multi-sector income strategies targeting both institutional and retail investors through mutual funds and ETFs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/angeloakcap
• LinkedInlinkedin.com/company/993420

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Angel Oak Capital Advisors