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Angel Oak Financial Strategies Income Term Trust faces an activist-led proxy contest for its 2026 annual meeting. Shareholder Trevor Montano, who owns 66,100 common shares as of the July 10, 2026 record date, is soliciting proxies on a GREEN card to (1) elect himself as a Class II Trustee in place of one incumbent and (2) approve a proposal to terminate the Fund’s Investment Advisory Agreement with Angel Oak Capital Advisors, LLC.
The Fund has scheduled five proposals, including electing two Class II trustees, electing a preferred trustee, amending the Declaration of Trust to lower the threshold to remove a trustee for cause from 75% to 66.67%, authorizing adjournments, and ratifying Cohen & Company, Ltd. as auditor. Montano recommends voting for the governance threshold change, against adjournment authority, and makes no recommendation on the preferred trustee or auditor ratification.
There is a procedural dispute over whether Montano’s nomination and advisory-termination proposal are properly before the meeting under the Fund’s bylaws and Rule 14a-8. The Fund has stated they are not; Montano disagrees and reserves rights, including potential relief. Voting power includes 33,416,851.4 common shares and 2,000,000 Series A Mandatorily Redeemable Preferred Shares, for a combined 35,416,851 voting securities.
MetLife Investment Management, LLC, a ten-percent owner of Angel Oak Financial Strategies Income Term Trust, reported an open-market purchase on behalf of its investment-management clients of $40,000,000 aggregate principal amount of the trust’s 5.364% Series C Senior Unsecured Notes due July 8, 2030. MetLife Investment Management disclaims beneficial ownership beyond its pecuniary interest.
Angel Oak Financial Strategies Income Term Trust reports that MetLife Investment Management, LLC beneficially owns 2,000,000 Series A Mandatory Redeemable Preferred Shares, representing 100% of that series as of May 31, 2026. The Reporting Person states it manages these shares on behalf of clients including Metropolitan Tower Life Insurance Company and Metropolitan Life Insurance Company.
MetLife Investment Management, LLC filed an initial ownership report for Angel Oak Financial Strategies Income Term Trust. The filing shows indirect holdings of 2,000,000 Series A Mandatory Redeemable Preferred Shares, held in client accounts it manages, and MetLife Investment Management disclaims beneficial ownership except for its pecuniary interest.
Angel Oak Financial Strategies Income Term Trust is reshaping its capital structure by issuing $50 million of Series A Mandatorily Redeemable Preferred Shares and privately offering $40 million of 5.364% Series C Senior Notes. The preferred shares are due April 30, 2031 and are rated A3 by Moody’s, while the notes mature July 8, 2030 and are rated A1.
The fund plans to use MRPS proceeds primarily to refinance existing debt and fund new portfolio investments, and to use Series C Notes proceeds to redeem its 2.35% Series A Senior Notes maturing July 8, 2026. A leverage table shows $75.5 million of repurchase agreement leverage, $45 million of 2.80% Series B Notes due July 8, 2028, $40 million of Series C Notes and $50 million of MRPS outstanding.
The board has also called the annual shareholder meeting for 1:00 p.m. on September 25, 2026 in Atlanta, with a July 10, 2026 record date. Shareholders will vote on trustee elections, an amendment lowering removal thresholds for trustees from 75% to 66.67%, potential adjournments, auditor ratification and other proper business.
Karpus Management, Inc. amended its Schedule 13G/A to report beneficial ownership of 4,697,846 shares of Angel Oak Financial Strategies Income Term Trust common stock, equal to 14.06%.
The filing (Amendment No. 5) shows the shares are held directly by accounts managed by Karpus, with sole voting power and sole dispositive power over 4,697,846 shares. The cover date appears as 03/31/2026 and the signature date is 05/14/2026.
FINS submitted a Form N-CEN annual report that lists standard fund governance and operational items and discloses brokerage and principal-transaction totals. The filing shows aggregate brokerage commissions of $11,696 and multiple principal transaction values, the largest listed at $120,691,135.
The form is a routine annual compliance filing that collects contacts, service providers, board and compliance officer details, securities-lending and expense-limitation answers, and trading counterparty activity for the reporting period.
Angel Oak Financial Strategies Income Term Trust (FINS) filed its Annual Certified Shareholder Report for the fiscal year ended January 31, 2026. The Fund returned 10.53% on market price and 8.61% on NAV for the 12-month period. Net assets totaled $465,192,557 with NAV per share of $13.92 and market price $13.25.
The Fund reported $583.1M cost (investments at fair value $584.1M), net investment income of $23,490,942, realized/unrealized gains of $23,421,078, and distributions totaling $41,269,811 (including $17,744,447 return of capital). Capital activity included a rights offering raising $105,963,470. Leverage comprised senior notes of $85,000,000 and reverse repurchase agreements of $40,649,000.
Angel Oak Financial Strategies Income Term Trust filed a Post-Effective Amendment No. 1 on February 25, 2026 under Form N-2 pursuant to Rule 462(d) to furnish certain exhibits, including Exhibit (g) and Exhibit (k)(5), and states this amendment shall become effective immediately upon filing.
The amendment incorporates Parts A and B of the registration statement by reference, lists approximate offering expenses of $143,000, and reports 10,358 record holders of common shares as of February 13, 2026. Several agreements and the Operating Expense Limitation Agreement dated October 1, 2025, as amended February 1, 2026, are filed or incorporated by reference.