Angel Oak lowers for-cause removal threshold to 66.67%
The certified vote showed 92.15% of eligible shares represented, including 96% of the MRPS.
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Rhea-AI Filing Summary
Angel Oak Financial Strategies Income Term Trust (FINS) shareholders approved an amendment to the Declaration of Trust lowering the threshold for shareholders to remove a Trustee for “Cause” from 75% to 66.67%. The amendment also lowers from 75% to 66.67% the threshold for Trustees to remove a Trustee for Cause, as defined in the Declaration of Trust.
Shareholders elected Keith M. Schappert and Andrea N. Mullins as Class II Trustees and Ira P. Cohen as a Class III Trustee, and ratified the Fund’s independent registered public accounting firm for the fiscal year ending January 31, 2027. The approved adjournment to solicit additional proxies or establish a quorum was not needed or made. A combined 32,636,945 common shares and MRPS were voted in person or by proxy, representing 92.15% of shares entitled to vote.
8-K Event Classification
Key Figures
Key Terms
Cause regulatory
record date regulatory
quorum regulatory
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On September 25, 2026, at the Annual Meeting of Shareholders (the “Annual Meeting”) the shareholders of Angel Oak Financial Strategies Income Term Trust (the “Fund”) approved an amendment to Article IV, Section III of the Declaration of Trust of the Fund (the “Declaration of Trust”) that lowers the threshold required for the shareholders of the Fund to remove a trustee of the Fund (a “Trustee”) for “Cause” as defined in Article IV, Section III of the Declaration of Trust from 75% to 66.67% and lowers the threshold required for the Trustees to remove a Trustee for Cause from 75% to 66.67%, making it easier for shareholders of the Fund and the Trustees to remove a Trustee for “Cause.” A copy of the amendment to the Declaration of Trust is attached hereto as Exhibit 3.1.
Item 5.07. Submission of Matters to a Vote of Security Holders.
(a)
On September 25, 2026, the Fund convened the Annual Meeting, at which the matters set forth below in response to Item 5.07(b) were submitted to a vote of shareholders of the Fund.
As of the close of business on June 10, 2026, the record date of the Annual Meeting, 33,416,851.4 of the Fund’s common shares and 2,000,000 of the Fund’s Series A Mandatorily Redeemable Preferred Shares (the “MRPS”) were outstanding and entitled to vote.
Set forth below are proposals voted upon at the Annual Meeting, and the certified voting results reported by the Fund’s proxy solicitor. Based on the certified voting results, 32,636,945 common shares and MRPS, combined, were voted in person or by proxy at the Annual Meeting, representing 92.15% of all shares entitled to vote. In the case of the MRPS, 1,920,000 were voted in person or by proxy at the Annual Meeting, representing 96% of the MRPS. In each case, the combined common shares and MRPS voted represented a quorum for purposes of holding the Annual Meeting and voting on the applicable proposals. Percentages are based on the total votes cast.
(b)
The certified voting results for the proposals voted on at the Annual Meeting are set forth below:
Proposal 1: Election of the Class II Trustees. The certified votes for each nominee are set forth below.
| Nominee for Class II Trustee | Votes For | Votes Against | Withheld |
| Keith M. Schappert | 25,936,960 | 6,546,688 | 153,297 |
| Andrea N. Mullins | 25,955,397 | 6,548,197 | 133,350 |
Proposal 2: Election of a Class III Trustee. The certified votes for the nominee are set forth below.
| Nominee for Class III Trustee | Votes For (MRPS) | Votes Against | Withheld |
| Ira P. Cohen | 1,920,000 | 0 | 0 |
Proposal 3: Amendment to the Fund’s Declaration of Trust. The certified votes for the approval of an amendment to the Fund’s Declaration of Trust to lower the threshold for shareholders to remove a Trustee for “Cause” as defined in the Declaration of Trust from 75% to 66.67% and lower the threshold for Trustees to remove a Trustee of the Fund for “Cause” from 75% to 66.67% (the “Amendment”) are set forth below.
| Votes For | 26,144,815 |
| Votes Against | 1,309,741 |
| Withheld | 93,953 |
Proposal 4: Adjournment to Solicit Additional Proxies. The certified votes for the approval of adjournment of the Annual Meeting for the purposes of soliciting additional proxies if there are not sufficient votes at the Annual Meeting to approve the proposals or establish a quorum are set forth below.
| Votes For | 25,900,593 |
| Votes Against | 6,611,235 |
| Withheld | 125,113 |
Proposal 5: Ratification of Auditor. The certified votes for the ratification of the Fund’s independent registered public accounting firm, Cohen & Cohen, Ltd., for the fiscal year ending January 31, 2027 are set forth below.
| Votes For | 31,125,698 |
| Votes Against | 1,343,027 |
| Withheld | 183,102 |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 3.1 | Amendment to Declaration of Trust |
| 99.2 | Press Release dated September 28, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Angel Oak Financial Strategies Income Term Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Angel Oak Financial Strategies Income Term Trust | |||
| Date: September 30, 2026 | By: | /s/ Ward Bortz | |
| Name: | Ward Bortz | ||
| Title: | President | ||
ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST 8-K
Exhibit 99.2
Angel Oak Financial Strategies Income Term Trust Announces Results of 2026 Annual Meeting of Shareholders
Shareholders Representing Approximately 92% of Eligible Shares Participate in Annual Meeting and Approve Key Proposals
ATLANTA – September 28, 2026 – Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the “Fund”) today announced the final certified voting results from its 2026 Annual Meeting of Shareholders, which was held on September 25, 2026 (the “Annual Meeting”).
More than 90% of the Fund’s outstanding shares were represented at the Annual Meeting, demonstrating strong shareholder engagement. The proposals presented at the Annual Meeting received overwhelming shareholder support, with approximately 80% or more of votes cast in favor of each applicable proposal.
At the Annual Meeting, shareholders elected Keith M. Schappert and Andrea N. Mullins as Class II Trustees and Ira P. Cohen as a Class III Trustee to the Fund’s Board of Trustees. Shareholders also approved an amendment to the Fund’s Declaration of Trust reducing the threshold for Fund shareholders and Trustees to each remove a Trustee for “Cause” from 75% to 66.67%, approved any necessary adjournment of the Annual Meeting to solicit additional proxies or establish a quorum (which adjournment was not needed or made), and ratified the appointment of Cohen & Company, Ltd. as the Fund’s independent registered public accounting firm for the fiscal year ending January 31, 2027.
“We are grateful for our shareholders’ strong participation in this year’s Annual Meeting and their continued support of the Fund,” said Ira P. Cohen, Chairman of the Fund’s Board of Trustees. “We value their engagement and appreciate the confidence they have placed in the Fund and its Board of Trustees.”
Approximately 92% of the Fund’s outstanding shares were represented at the Annual Meeting, reflecting strong shareholder participation and engagement. That turnout is materially greater than the participation at the 2025 Annual Meeting when approximately 72% of the Fund’s outstanding shares were represented.
About FINS
Led by Angel Oak’s experienced financial services team, the Fund invests predominantly in U.S. financial sector debt as well as selective opportunities across financial sector preferred and common equity. Under normal circumstances, at least 50% of the Fund’s portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak.
ABOUT ANGEL OAK
Angel Oak is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak seeks to deliver attractive, risk-adjusted returns through a combination of stable current income and price appreciation. Its experienced investment team seeks the best opportunities in fixed income, with a specialization in mortgage-backed securities and other areas of structured credit.
Information regarding the Fund and Angel Oak can be found at www.angeloakcapital.com.
Past performance is neither indicative nor a guarantee of future results. Investors should carefully consider the Fund’s investment objective and policies, risk considerations, charges and ongoing expenses of an investment before investing. For more information, please contact your investment representative or Destra Capital Advisors LLC at 877.855.3434.
Contacts
Media:
Bernardo Soriano, Gregory for Angel Oak Capital Advisors
610-642-8253
bsoriano@gregoryagency.com
Company:
Randy Chrisman, Chief Marketing & Corporate IR Officer, Angel Oak
Capital Advisors
404-953-4969
randy.chrisman@angeloakcapital.com