FINS board shifts meeting timing and lowers trustee removal threshold

Rhea-AI Filing Summary

Angel Oak Financial Strategies Income Term Trust (FINS) reported that its board of trustees plans to hold the next annual shareholder meeting more than 30 days after the anniversary of the prior year’s meeting. The board took this step to give shareholders a break following several recent non-routine events, including a second quarter 2025 rights offering completed on May 14, 2025, a contested annual meeting on June 26, 2025 and a special meeting on September 26, 2025.

The board also plans to recommend that shareholders approve an amendment to the Declaration of Trust at the forthcoming annual meeting. This amendment would lower the voting threshold needed to remove a trustee for Cause from 75% to 66.67% for both shareholders and trustees, which would make removal of a trustee for Cause easier. The board will later consider whether future annual meetings after 2026 will be scheduled around the anniversary of the 2026 or 2025 annual meeting.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 26, 2025

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST

(Exact name of Registrant as Specified in Its Charter)

delaware	811-23358	83-1328557
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3344 Peachtree Road NE, Suite 1725 Atlanta, Georgia		30326
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (404) 953-4900

N/A

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest		FINS		New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

At a special meeting of the board of trustees (the “Board”) of Angel Oak Financial Strategies Income Term Trust (“FINS”), based on feedback provided to management and the recommendation of management, the Board approved the calling of the annual meeting of the shareholders of FINS at a date and time that is later than 30 days from the date of the anniversary of the previous year’s annual meeting of shareholders of FINS in order to grant shareholders of FINS a reprieve from several recent non-routine calls for action, including the second quarter 2025 rights offering completed on May 14, 2025, the contested annual meeting of shareholders on June 26, 2025 and the special meeting of shareholders on September 26, 2025. As a result, when the date and time of the annual meeting is announced, based on the terms of the Bylaws, for nominations or other business to be properly brought before the annual meeting, notice must be delivered not earlier than the 150th day prior to the date of the annual meeting and not later than the close of business on the later of the 120th day prior to the date of the annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. In addition, the deadline and requirements for shareholder proposals of business to be conducted at the 2026 annual meeting of the shareholders of FINS must be made in compliance with the applicable securities laws. The Board will further consider and discuss whether it anticipates that annual meetings after 2026 will occur around the anniversary of the 2026 annual meeting of FINS shareholders or around the anniversary of the 2025 annual meeting of FINS shareholders, June 26, 2025.

In addition, based on feedback provided to management and the recommendation of management, at that November 21, 2025 meeting of the Board, the Board approved recommending to shareholders of FINS that at the forthcoming annual meeting, they approve a form of an amendment to Article IV, Section III to the Declaration of Trust of FINS (the “Declaration of Trust”) that lowers the threshold required for the shareholders of FINS to remove a trustee of FINS (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 FINS and Trustees of FINS to remove a Trustee for “Cause.” A copy of the form of the proposed amendment to the Declaration of Trust is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1       Form of Proposed Amendment to Declaration of Trust

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: November 26, 2025	By:	/s/ Ward Bortz
		Name:	Ward Bortz
		Title:	President

FAQ

What did Angel Oak Financial Strategies Income Term Trust (FINS) announce in this 8-K?

Angel Oak Financial Strategies Income Term Trust announced plans to schedule its next annual shareholder meeting later than 30 days after the prior year’s anniversary date and to ask shareholders to approve an amendment lowering the voting threshold to remove trustees for Cause.

Why is FINS delaying its next annual shareholder meeting?

The board decided to call the annual meeting at a later date to grant shareholders a reprieve from several recent non-routine calls for action, including a second quarter 2025 rights offering on May 14, 2025, a contested annual meeting on June 26, 2025 and a special meeting on September 26, 2025.

How will the proposed amendment change trustee removal thresholds at FINS?

The proposed amendment to the Declaration of Trust would lower the threshold to remove a trustee for Cause from 75% to 66.67% of shareholders and also lower the threshold for the trustees themselves to remove a trustee for Cause from 75% to 66.67%.

What are the new notice requirements for bringing business before the next FINS annual meeting?

Once the date of the annual meeting is announced, shareholder notice for nominations or other business must be delivered not earlier than the 150th day before the meeting date and not later than the close of business on the later of the 120th day before the meeting or the tenth day after public announcement of the meeting date.

How are shareholder proposals for the 2026 FINS annual meeting affected?

The filing states that deadlines and requirements for shareholder proposals at the 2026 annual meeting must comply with applicable securities laws, in addition to the trust’s governing documents.

Will future FINS annual meetings return to the usual anniversary date?

The board indicated it will further consider whether annual meetings after 2026 will occur around the anniversary of the 2026 annual meeting or the June 26, 2025 annual meeting, but no final decision was disclosed.

Is there a specific document related to the proposed amendment for FINS trustees?

Yes. A form of the proposed amendment to the Declaration of Trust is attached as Exhibit 99.1 to the report, covering the changes to trustee removal thresholds.