Angel Oak Capital Advisors, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

y
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
4124628
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
PRABHU, SREENIWAS, VIKRAM
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
ANGEL OAK CAPITAL
PARTNERS, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURE, DISGORGEMENT, PREJUDGMENT INTEREST, CIVIL MONEY PENALTY
3.
Date Initiated (MM/DD/YYYY): 
12/23/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-17849
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
ANGEL OAK CAPITAL PARTNERS, LLC
6.
Principal Product Type:
Debt - Asset Backed
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
OPERATING AS A BROKER-DEALER WITHOUT REGISTERING WITH THE SEC.

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
02/16/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 3,666,370.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SANCTIONS AGAINST ANGEL OAK CAPITAL PARTNERS, LLC INCLUDED CEASE AND DESIST, CENSURE, DISGORGEMENT OF $3,054,288,
PREJUDGMENT INTEREST OF $237,082, AND A CIVIL MONEY PENALTY OF $375,000, FOR A TOTAL AMOUNT OF $3,666,370. SANCTIONS AGAINST
MR. PRABHU INCLUDED CEASE AND DESIST, AND A CIVIL MONEY PENALTY OF $40,000.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON FEBRUARY 16, 2017, THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC" OR "COMMISSION") ACCEPTED AN OFFER OF SETTLEMENT
FROM ANGEL OAK CAPITAL PARTNERS, LLC ("AOCP") AND ENTERED AN ADMINISTRATIVE ORDER AGAINST IT. THE ORDER, WHILE RECOGNIZING THAT
AOCP DID NOT ADMIT OR DENY ANY FINDINGS, CONCLUDED THAT AOCP OPERATED AS A BROKER-DEALER FROM MARCH 2010 UNTIL OCTOBER 2014
WITHOUT REGISTERING WITH THE COMMISSION. THE SEC FOUND THAT AOCP ENTERED INTO AN AGREEMENT WITH PERAZA CAPITAL & INVESTMENT,
LLC ("PERAZA") IN LATE 2009 FOR THE PURPOSE OF CONDUCTING A SECURITIES BUSINESS, WITHOUT REGISTERING AS A BROKER-DEALER. TRADERS
EMPLOYED BY AOCP IN ITS SECURITIES BUSINESS WERE REGISTERED WITH THE FINANCIAL INDUSTRY REGULATORY AUTHORITY ("FINRA") AS
REGISTERED REPRESENTATIVES OF PERAZA, AND AOCP AND PERAZA SPLIT THE COMMISSION REVENUE GENERATED AS A RESULT OF AOCP TRADING
ACTIVITIES. THE SEC DETERMINED THAT AOCP AND ITS OWNERS OR EMPLOYEES-WHO WERE NOT REGISTERED AS BROKER-DEALERS OR ASSOCIATED
WITH A REGISTERED BROKER-DEALER-WERE INVOLVED IN THE OPERATIONS OF THE SECURITIES BUSINESS AND MADE KEY DECISIONS REGARDING
THE BUSINESS. AS REFLECTED IN THE ORDER, THE COMMISSION ACCEPTED AOCP'S OFFER TO DISGORGE PROFITS RECEIVED FROM THE OPERATION
OF $3,054,288 PLUS INTEREST, TO PAY A PENALTY OF $375,000 AND TO CEASE AND DESIST FROM THAT ACTIVITY. THE SEC FURTHER ACCEPTED AN
OFFER OF SETTLEMENT FROM SREENIWAS PRABHU, AN INDIRECT OWNER OF ANGEL OAK CAPITAL ADVISORS, AND ANOTHER EMPLOYEE, BASED ON THE
ALLEGATIONS OF THE SEC THAT THEY CAUSED AOCP TO OPERATE AS AN UNREGISTERED BROKER DEALER. THEY BOTH AGREED TO A CEASE AND DESIST
ORDER AND AN ADMINISTRATIVE PENALTY OF $40,000 EACH.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the

same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
7616847
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Negandhi, Ashish
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURE, CIVIL MONEY PENALTY
3.
Date Initiated (MM/DD/YYYY): 
08/10/2022
 Exact
 Explanation
If not exact, provide explanation:
ANGEL OAK CAPITAL ADVISORS, LLC ("AOCA") FIRST LEARNED OF THE INQUIRY ON MAY 8, 2020. THE SEC'S ORDER CHARGING AOCA AND MR.
NEGANDHI WAS ISSUED ON AUGUST 10, 2022.
4.
Docket/Case Number:
3-20953
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Asset Backed
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

INACCURATE DISCLOSURE OF MORTGAGE DELINQUENCY RATES IN CONNECTION WITH A SECURITIZATION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
08/10/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,825,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SANCTIONS AGAINST ANGEL OAK CAPITAL ADVISORS, LLC AND ASHISH NEGANDHI INCLUDED CEASE AND DESIST, CENSURE, AND A CIVIL MONEY
PENALTY OF $1,750,000 AND $75,000, RESPECTIVELY.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON AUGUST 10, 2022, THE SEC ACCEPTED OFFERS OF SETTLEMENT FROM AOCA AND ASHISH NEGANDHI, A FORMER PORTFOLIO MANAGER AT AOCA,
AND ENTERED AN ADMINISTRATIVE ORDER AGAINST BOTH AOCA AND MR. NEGANDHI. THE SETTLEMENT AND ADMINISTRATIVE ORDER RELATE TO AOMT
2018-PB1, A SECURITIZATION ISSUED IN 2018. AOMT 2018-PB1 WAS A ONE-OFF, FIRST-OF-ITS-KIND $90 MILLION SECURITIZATION WITH FIX-AND-
FLIP LOANS AS THE UNDERLYING COLLATERAL. FIX-AND-FLIP LOANS ARE LOANS MADE TO BORROWERS FOR THE PURPOSE OF PURCHASING,
RENOVATING, AND SELLING RESIDENTIAL PROPERTIES. THESE LOANS WERE ORIGINATED BY AN AFFILIATE OF AOCA, ANGEL OAK PRIME BRIDGE,
WHICH CEASED ORIGINATING LOANS IN 2019. AOCA AND ITS AFFILIATES HAVE NOT ISSUED ANOTHER SECURITIZATION SOLELY BACKED BY THIS TYPE
OF COLLATERAL. THE SEC'S ORDER CONCLUDED THAT AOCA AND MR. NEGANDHI MADE INACCURATE DISCLOSURE OF MORTGAGE DELINQUENCY RATES
WHEN REPORTING ON THE PERFORMANCE OF AOMT 2018-PB1 IN VIOLATION OF THE SECURITIES ACT AND THE ADVISERS ACT. THE INACCURACIES
RELATED TO THE USE OF FUNDS HELD IN ESCROW ACCOUNTS (FUNDS HELD TO REIMBURSE BORROWERS FOR RENOVATIONS TO THE PROPERTIES) TO
CURE LOAN DELINQUENCIES. AOCA AND MR. NEGANDHI DID NOT ADMIT OR DENY THESE FINDINGS. THE ORDER DOES NOT ALLEGE THAT AOCA OR MR.
NEGANDHI ACTED WITH FRAUDULENT INTENT. THE SEC ACCEPTED AOCA'S AND MR. NEGANDHI'S OFFERS TO SETTLE THE CASE. AOCA AND MR.
NEGANDHI PAID CIVIL FINES OF $1,750,000 AND $75,000, RESPECTIVELY, WERE CENSURED, AND AGREED TO CEASE AND DESIST FROM FUTURE
VIOLATIONS.