Angel Oak Mortgage names Sreeni Prabhu CEO in leadership change
Angel Oak Mortgage names Sreeni Prabhu CEO in leadership change
Abstract
Angel Oak Mortgage, a real estate investment trust active in the acquisition and securitization of non-QM loans, appointed Sreeni Prabhu CEO and president. Prabhu, who is also a co-founder, managing partner and group chief investment officer of affiliated company Angel Oak Capital Advisors, will serve in his new leadership position concurrently with the other roles. "After the successful completion of the company's initial public offering in 2021 and its first full year as a public company, the board believes that now is the right time to make this leadership transition," said Michael Fierman, chairman of the company's board of directors, in a press release. Sreeni Prabhu, president and CEO of Angel Oak Mortgage REIT Prior to co-founding Angel Oak Capital, Prabhu served in leadership positions at Washington Mutual Bank, where he managed a $25 billion portfolio, and was also a member of the macro asset strategy team. The leadership succession at the Atlanta-based REIT was announced just days after a sister lending business within Angel Oak Cos., laid off 75 employees, or close to 20% of its staff. In a statement, Angel Oak Mortgage Solutions, which originates non-QM loans through brokers and correspondents, attributed the layoffs to market headwinds currently roiling the mortgage industry. Despite the market turbulence, another company within the family of businesses, Angel Oak Home Loans, which is a full-service retail originator of non-QM mortgages, has continued its expansion this year, opening several new branches.