Angel Oak Financial Strategies Income Term Trust reports that MetLife Investment Management, LLC beneficially owns 2,000,000Series 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.
Positive
None.
Negative
None.
Insights
MetLife IM holds full ownership of the Series A preferred shares.
The filing states a beneficial ownership position of 2,000,000 Series A Mandatory Redeemable Preferred Shares, equal to 100% of that series as of May 31, 2026. This is a complete position in the listed series held on behalf of named insurance clients.
Future disclosures may show transfers or dispositions; cash‑flow treatment or transfer mechanics are not described in the provided excerpt.
Schedule 13G reports passive or institutional ownership disclosure for regulatory transparency.
The form identifies the Reporting Person and gives voting/dispositive powers: sole voting and sole dispositive power of 2,000,000 shares. The filing attributes management on behalf of clients, consistent with institutional reporting conventions.
Any change to voting or ownership will require updated filings under applicable rules; the excerpt shows no such qualifier beyond the as‑of date.
Key Figures
Beneficial ownership:2,000,000 sharesPercent of class:100%Sole voting power:2,000,000+1 more
4 metrics
Beneficial ownership2,000,000 sharesSeries A Mandatory Redeemable Preferred Shares as of May 31, 2026
Percent of class100%Percentage of Series A based on 2,000,000 shares outstanding
Sole voting power2,000,000Shares with sole power to vote reported in Item 4
Sole dispositive power2,000,000Shares with sole power to dispose reported in Item 4
Key Terms
Series A Mandatory Redeemable Preferred Shares, beneficially owned, sole dispositive power
3 terms
Series A Mandatory Redeemable Preferred Sharesfinancial
"Title and Item 2(d) identifying the class of securities"
beneficially ownedregulatory
"Item 4 states 'the Reporting Person may be deemed to be the beneficial owner of 2,000,000...'"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"Item 4 lists '(iii) Sole power to dispose or to direct the disposition of: 2,000,000'"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Who beneficially owns the Series A preferred shares of Angel Oak Financial Strategies Income Term Trust (FINS)?
The filing states 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.
What percentage of the Series A class does MetLife Investment Management hold?
The reported stake is 100% of the Series A Mandatory Redeemable Preferred Shares, calculated on a base of 2,000,000 shares outstanding as of May 31, 2026.
Does MetLife IM have voting and dispositive power over these shares?
Yes; the filing reports sole power to vote and sole power to dispose for 2,000,000 Series A shares, with 0 shared voting or dispositive power disclosed.
On whose behalf does MetLife Investment Management report these holdings?
The Reporting Person states it manages the Series A shares on behalf of various clients, including Metropolitan Tower Life Insurance Company and Metropolitan Life Insurance Company, per the filing's disclosure.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Angel Oak Financial Strategies Income Term Trust
(Name of Issuer)
Series A Mandatory Redeemable Preferred Shares
(Title of Class of Securities)
03464AA#7
(CUSIP Number)
05/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
03464AA#7
1
Names of Reporting Persons
MetLife Investment Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,000,000.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,000,000.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
100 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: The percent of class is calculated based on 2,000,000 Series A Mandatory Redeemable Preferred Shares outstanding.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Angel Oak Financial Strategies Income Term Trust
(b)
Address of issuer's principal executive offices:
980 Hammond Drive, Suite 200, Atlanta, Georgia 30328
Item 2.
(a)
Name of person filing:
MetLife Investment Management, LLC (the "Reporting Person")
(b)
Address or principal business office or, if none, residence:
One MetLife Way, Whippany, New Jersey 07981
(c)
Citizenship:
Delaware
(d)
Title of class of securities:
Series A Mandatory Redeemable Preferred Shares
(e)
CUSIP Number(s):
03464AA#7
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of May 31, 2026, the Reporting Person may be deemed to be the beneficial owner of 2,000,000 Series A Mandatory Redeemable Preferred Shares, representing 100% of the Series A Mandatory Redeemable Preferred Shares. This percentage is calculated based on 2,000,000 Series A Mandatory Redeemable Preferred Shares outstanding.
(b)
Percent of class:
100%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
2,000,000
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
2,000,000
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Reporting Person manages these Series A Mandatory Redeemable Preferred Shares on behalf of various clients, including Metropolitan Tower Life Insurance Company and Metropolitan Life Insurance Company.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
