Angel Oak Financial Strategies Income Term Trust
10/02/2025 | Press release | Distributed by Public on 10/02/2025 15:07
Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Consistent with applicable requirements under the Investment Company Act of 1940, as amended, requiring the post-Transaction (as defined and discussed below) Board of Trustees (the "Board") to be comprised of more than 75% independent Trustees, the Board of Angel Oak Financial Strategies Income Term Trust (the "Fund") has accepted the resignation of Clayton Triick, Head of Portfolio Management, Public Strategies of Angel Oak (as defined below), as a Trustee of the Board of the Fund pursuant to its governing documents, effective as of the close of business on September 30, 2025. The Board has further decreased the number of Trustees on the Board to five.
Additionally, effective as of October 1, 2025, Ward Bortz has replaced Adam Langley as President of the Fund.
Item 8.01. Other Events.
As previously announced on April 1, 2025, on October 1, 2025, Brookfield Asset Management Ltd. acquired a majority of Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent of Angel Oak Capital Advisors, LLC ("Angel Oak"), the investment adviser of the Fund (the "Transaction"). The Transaction is not expected to result in any material change in the day-to-day management of the Fund. The closing of the Transaction was announced via press release, a copy of which is attached hereto as Exhibit 99.1.
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