Brookfield Asset Management Ltd. (BAM), on Thursday announced it has closed a strategic partnership to acquire a majority stake in Angel Oak Mortgage REIT, Inc. 9 (AOMN), adding residential mortgage credit capabilities to its $332 billion credit platform.
The partnership is expected to accelerate Angel Oak's growth and reinforce Brookfield's strategy of combining specialist credit managers with its direct investment capabilities across infrastructure credit, real estate credit, asset-backed finance, and corporate credit.
Angel Oak will continue operating independently under its existing leadership, with Prabhu and Fierman remaining as Co-CEOs.
Angel Oak was found in 2008 and manages more than $22 billion in assets, providing access to U.S. non-agency residential mortgages through a vertically integrated platform
Over the past decade, the firm has originated over $32 billion in residential mortgage loans and issued more than 65 securitizations.
On Wednesday, Angel Oak Mortgage is 0.35% higher at $25.25 on the New York Stock Exchange.
In the pre-market trading, Brookfield Asset Management is 2.01% higher at $56.88 on the New York Stock Exchange.
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