Brookfield Asset Management has agreed to acquire a majority ownership interest in alternative lender Angel Oak Companies.

Financial terms were not disclosed. The move aligns Angel Oak’s expertise in residential-mortgage credit with Brookfield’s US$317-billion credit business, according to the firms.

Atlanta-based Angel Oak manages about US$18 billion in assets, specialzing in non-agency residential mortgages through its integrated platform.

The firm has originated approximately US$30 billion in mortgage loans and issued about 60 securitizations. With Brookfield’s backing, Angel Oak aims to expand its reach and enhance its relationships with institutional investors.

Angel Oak will continue to operate independently under its existing leadership helmed by Co-CEOs Sreeni Prabhu and Mike Fierman, said Brookfield. The transaction underscores Brookfield’s strategy of partnering with leading credit managers to strengthen its investment platform, said the company.

Photo: Brookfield Properties, subsidiary of Brookfield Asset Management

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