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Angel Oak Capital Advisors
Angel Oak Capital Advisors is an SEC-registered investment adviser in Atlanta, GA, registered since 2009. The firm manages $11.5 billion in assets, with $11.3...
Angel Oak Capital Advisors
Angel Oak Capital Advisors is an SEC-registered investment adviser in Atlanta, GA, registered since 2009. The firm manages $11.5 billion in assets, with $11.3 billion on a discretionary basis. It has 78 employees and 24 investment advisers.
General information
Firm type
Asset Manager
Year founded
2010
Location
Region
North America
Country
United States
City
Atlanta
Corporate office
Atlanta, GA, United States
Principals
Sreeni Prabhala
CEO
Mark R. Zdyrko
President
David J. Breazzano
Managing Director, Head of Portfolio Management
Sector focus
Frequently asked questions
Who runs investment decisions at Angel Oak Capital Advisors?
Sreeni Prabhala serves as CEO and oversees strategy. David J. Breazzano is Managing Director and Head of Portfolio Management, responsible for day-to-day portfolio construction and risk management across the firm's credit strategies (per public record).
How does Angel Oak's vertical integration affect its investment process?
The firm originates mortgages through its subsidiary Angel Oak Home Loans, structures them into securities, and then takes the senior and mezzanine tranches into its own funds. This gives the firm direct line of sight into loan-level underwriting — a data advantage not available to secondary-market buyers (per firm communications).
Does Angel Oak Capital focus on fund commitments or direct deals?
The firm operates primarily through its own commingled funds — open-end mutual funds and institutional separate accounts — rather than making direct equity or venture investments. It does not typically act as a co-investor alongside outside GPs (per public record).
What investment stages and credit qualities does Angel Oak target?
Angel Oak focuses on structured credit — specifically non-agency residential mortgage-backed securities and commercial mortgage-backed securities, often in the mezzanine or subordinate tranches. It targets investment-grade and below-investment-grade ratings, with a yield-oriented, carry-focused mandate (per firm disclosures).
How is Angel Oak Capital Advisors related to Angel Oak Home Loans?
Angel Oak Capital Advisors and Angel Oak Home Loans are affiliates within the same corporate structure, but serve different functions. Angel Oak Home Loans is the origination platform; Angel Oak Capital Advisors manages the investment portfolios. The relationship is strategic but arms-length — the mortgage arm originates loans that the capital management arm may choose to securitize and hold (per public record).
Which sectors does Angel Oak explicitly avoid?
The firm does not disclose formal exclusion lists, but based on its focus on residential and commercial mortgage credit, it avoids corporate credit, leveraged loans, direct lending, hedge funds, and public equities (per public record).
What is the firm's known posture on co-investments alongside external GPs?
Angel Oak Capital Advisors does not position itself as a co-investment partner for external managers. It operates as an asset manager with its own funds, meaning it typically does not write separate checks alongside other institutions (per public record).
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