Latest news with #FINS
Globe and Mail
01-08-2025
- Business
- Globe and Mail
Angel Oak Financial Strategies Income Term Trust Declares August 2025 Distribution
Angel Oak Financial Strategies Income Term Trust (the 'Fund'), a closed-end fund traded on the New York Stock Exchange under the symbol FINS, today declared a distribution of $0.115 per share for the month of August 2025, equating to an approximate 10% distribution on NAV. FINS intends to maintain its level distribution policy at the new higher distribution rate. The record date for the distribution is August 15, 2025, and the payable date is August 29, 2025. The Fund will trade ex-distribution on August 15, 2025. FINS increased the monthly distribution from $0.109 to $0.115 given the benefit to the Fund from higher coupon investments as Angel Oak Capital Advisors fully optimizes the portfolio into a robust primary issuance market following the recent Rights Offering. Angel Oak Capital Advisors' investment team rapidly deployed proceeds from the Rights Offering into money center and regional bank debt to eliminate cash drag. With the acceleration in the community bank debt issuance calendar, the team has re-deployed approximately half of the proceeds into higher-coupon community bank bonds (average coupon 7.68%, range: 7.00%-9.00%). Coupons on the new bonds are over 100 basis points higher than the Fund's average coupon of 6.51%, as of June 30, 2025. The near-term issuance pipeline remains robust. In addition to the immediate benefit from accretively deploying the new capital, the team believes several factors offer additional upside to NAV in the current environment: Positive tailwinds from strong banking sector fundamentals: Recent second quarter bank earnings highlighted strong credit, improving net interest margins and stronger loan growth. Legacy portfolio benefits from approaching call dates: Over $100 million of fixed rate bank debt in the portfolio will transition from fixed to floating rate over the next 24 months as the bonds enter their call period, resulting in higher coupons (based on current SOFR) and/or the bonds getting called and refinanced by the issuer. Increased M&A activity: Traditionally an alpha generator to the strategy, M&A activity has been accelerating in 2025 under a more favorable regulatory environment. Although the Fund seeks to pay a distribution at a rate that is representative of net investment income actually earned, a portion of each distribution may be treated as paid from sources other than net investment income, including, to the extent permitted by law, short-term capital gain, long-term capital gain, or return of capital. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to shareholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income. The final determination of the source and tax characteristics of these distributions will depend upon the Fund's investment experience during its fiscal year and will be made after the Fund's year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes. ABOUT FINS Led by Angel Oak Capital Advisors' experienced financial services team, FINS 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 FINS' portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak Capital Advisors. ABOUT ANGEL OAK CAPITAL ADVISORS, LLC Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak Capital Advisors 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 Capital Advisors can be found at Past performance is neither indicative nor a guarantee of future results. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information please contact your investment representative or Destra Capital Advisors LLC at 877.855.3434. © 2025 Angel Oak Capital Advisors, which is the investment adviser to the Angel Oak Financial Strategies Income Term Trust.
Yahoo
01-08-2025
- Business
- Yahoo
Angel Oak Financial Strategies Income Term Trust Declares August 2025 Distribution
ATLANTA, August 01, 2025--(BUSINESS WIRE)--Angel Oak Financial Strategies Income Term Trust (the "Fund"), a closed-end fund traded on the New York Stock Exchange under the symbol FINS, today declared a distribution of $0.115 per share for the month of August 2025, equating to an approximate 10% distribution on NAV. FINS intends to maintain its level distribution policy at the new higher distribution rate. The record date for the distribution is August 15, 2025, and the payable date is August 29, 2025. The Fund will trade ex-distribution on August 15, 2025. FINS increased the monthly distribution from $0.109 to $0.115 given the benefit to the Fund from higher coupon investments as Angel Oak Capital Advisors fully optimizes the portfolio into a robust primary issuance market following the recent Rights Offering. Angel Oak Capital Advisors' investment team rapidly deployed proceeds from the Rights Offering into money center and regional bank debt to eliminate cash drag. With the acceleration in the community bank debt issuance calendar, the team has re-deployed approximately half of the proceeds into higher-coupon community bank bonds (average coupon 7.68%, range: 7.00%-9.00%). Coupons on the new bonds are over 100 basis points higher than the Fund's average coupon of 6.51%, as of June 30, 2025. The near-term issuance pipeline remains robust. In addition to the immediate benefit from accretively deploying the new capital, the team believes several factors offer additional upside to NAV in the current environment: Positive tailwinds from strong banking sector fundamentals: Recent second quarter bank earnings highlighted strong credit, improving net interest margins and stronger loan growth. Legacy portfolio benefits from approaching call dates: Over $100 million of fixed rate bank debt in the portfolio will transition from fixed to floating rate over the next 24 months as the bonds enter their call period, resulting in higher coupons (based on current SOFR) and/or the bonds getting called and refinanced by the issuer. Increased M&A activity: Traditionally an alpha generator to the strategy, M&A activity has been accelerating in 2025 under a more favorable regulatory environment. Although the Fund seeks to pay a distribution at a rate that is representative of net investment income actually earned, a portion of each distribution may be treated as paid from sources other than net investment income, including, to the extent permitted by law, short-term capital gain, long-term capital gain, or return of capital. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to shareholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income. The final determination of the source and tax characteristics of these distributions will depend upon the Fund's investment experience during its fiscal year and will be made after the Fund's year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes. ABOUT FINS Led by Angel Oak Capital Advisors' experienced financial services team, FINS 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 FINS' portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak Capital Advisors. ABOUT ANGEL OAK CAPITAL ADVISORS, LLC Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak Capital Advisors 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 Capital Advisors can be found at Past performance is neither indicative nor a guarantee of future results. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information please contact your investment representative or Destra Capital Advisors LLC at 877.855.3434. © 2025 Angel Oak Capital Advisors, which is the investment adviser to the Angel Oak Financial Strategies Income Term Trust. View source version on Contacts Media:Trevor Davis, Gregory FCA for Angel Oak Capital Advisors443-248-0359trevor@ Company Contact:Randy Chrisman, Chief Marketing & Corporate IR Officer, Angel Oak Capital Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
01-08-2025
- Business
- Business Wire
Angel Oak Financial Strategies Income Term Trust Declares August 2025 Distribution
ATLANTA--(BUSINESS WIRE)--Angel Oak Financial Strategies Income Term Trust (the 'Fund'), a closed-end fund traded on the New York Stock Exchange under the symbol FINS, today declared a distribution of $0.115 per share for the month of August 2025, equating to an approximate 10% distribution on NAV. FINS intends to maintain its level distribution policy at the new higher distribution rate. The record date for the distribution is August 15, 2025, and the payable date is August 29, 2025. The Fund will trade ex-distribution on August 15, 2025. FINS increased the monthly distribution from $0.109 to $0.115 given the benefit to the Fund from higher coupon investments as Angel Oak Capital Advisors fully optimizes the portfolio into a robust primary issuance market following the recent Rights Offering. Angel Oak Capital Advisors' investment team rapidly deployed proceeds from the Rights Offering into money center and regional bank debt to eliminate cash drag. With the acceleration in the community bank debt issuance calendar, the team has re-deployed approximately half of the proceeds into higher-coupon community bank bonds (average coupon 7.68%, range: 7.00%-9.00%). Coupons on the new bonds are over 100 basis points higher than the Fund's average coupon of 6.51%, as of June 30, 2025. The near-term issuance pipeline remains robust. In addition to the immediate benefit from accretively deploying the new capital, the team believes several factors offer additional upside to NAV in the current environment: Positive tailwinds from strong banking sector fundamentals: Recent second quarter bank earnings highlighted strong credit, improving net interest margins and stronger loan growth. Legacy portfolio benefits from approaching call dates: Over $100 million of fixed rate bank debt in the portfolio will transition from fixed to floating rate over the next 24 months as the bonds enter their call period, resulting in higher coupons (based on current SOFR) and/or the bonds getting called and refinanced by the issuer. Increased M&A activity: Traditionally an alpha generator to the strategy, M&A activity has been accelerating in 2025 under a more favorable regulatory environment. Although the Fund seeks to pay a distribution at a rate that is representative of net investment income actually earned, a portion of each distribution may be treated as paid from sources other than net investment income, including, to the extent permitted by law, short-term capital gain, long-term capital gain, or return of capital. As required by Section 19(a) of the Investment Company Act of 1940, a notice will be distributed to shareholders in the event that a portion of a monthly distribution is derived from sources other than undistributed net investment income. The final determination of the source and tax characteristics of these distributions will depend upon the Fund's investment experience during its fiscal year and will be made after the Fund's year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes. ABOUT FINS Led by Angel Oak Capital Advisors' experienced financial services team, FINS 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 FINS' portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak Capital Advisors. ABOUT ANGEL OAK CAPITAL ADVISORS, LLC Angel Oak Capital Advisors is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, Angel Oak Capital Advisors 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 Capital Advisors can be found at Past performance is neither indicative nor a guarantee of future results. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information please contact your investment representative or Destra Capital Advisors LLC at 877.855.3434. © 2025 Angel Oak Capital Advisors, which is the investment adviser to the Angel Oak Financial Strategies Income Term Trust.
Business Wire
10-07-2025
- Business
- Business Wire
Angel Oak Financial Strategies Income Term Trust Announces Certified Results from 2025 Annual Meeting of Shareholders
ATLANTA--(BUSINESS WIRE)--Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the "Fund") has announced the final certified voting results from the 2025 Annual Meeting of Shareholders held on June 26, 2025 (the 'Annual Meeting'). Proposal 1: Approval of New Investment Advisory Agreement For Against Abstain 11,417,091 4,840,580 126,687 Expand Proposal 2: Election of Trustees Nominees For Against Abstain Keith M. Schappert (Incumbent) 9,045,421 1,056,841 132,174 Andrea N. Mullins (Incumbent) 1,030,778 132,652 Trevor Montano (Challenger) 7,655,890 73,367 6,881 Expand Proposal 3: Ratification of Auditor A total of 25,062,638.4 shares were entitled to vote as of the record date of April 16, 2025, out of which 17,970,576 were present at the Annual Meeting. Despite the strong support, neither the new investment advisory agreement nor the Trustees received enough votes to pass the required vote thresholds. In the coming months, FINS will communicate with shareholders regarding a special shareholder meeting after accounting for the results from the Annual Meeting. In addition, FINS will continue engaging with shareholders as it evaluates several shareholder-friendly enhancements for the Fund. FINS appreciates its shareholders' continued support of the Fund and of Angel Oak Capital Advisors, LLC, the Fund's adviser ('Angel Oak'). Angel Oak has successfully managed FINS since its inception in 2019. FINS has focused on enhancing long-term shareholder value with proactive actions aimed at improving liquidity, efficiency, and performance. Shareholders most recently demonstrated their support of FINS' performance through significant oversubscription in its recent rights offering in May 2025. The final voting results have been certified by First Coast Results, Inc., the independent Inspector of Election, and will be included in FINS' next semi-annual or annual report to shareholders, as applicable. ABOUT FINS Led by Angel Oak's experienced financial services team, FINS 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 FINS' portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak. ABOUT ANGEL OAK CAPITAL ADVISORS, LLC 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. On April 1, 2025, Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent company of Angel Oak, announced that it signed a definitive agreement pursuant to which Brookfield Asset Management Ltd. will acquire a majority interest in Angel Oak Companies, LP and its subsidiaries, including Angel Oak (the 'Transaction'). The closing of the Transaction is expected to be completed by September 30, 2025. The Transaction is not expected to result in any material change in the day-to-day management of the Fund. However, the closing of the Transaction is subject to certain conditions, and there can be no assurance that the Transaction will be completed as planned, or that the necessary conditions will be satisfied. If successful, the closing of the Transaction would be deemed to be a change of 'control' of Angel Oak Companies, LP and its subsidiaries (collectively, the 'Angel Oak Companies'), including Angel Oak, under the Investment Company Act of 1940, and deemed 'assignment' of the Fund's investment advisory agreement (the 'Existing Advisory Agreement'), which would result in the automatic termination of the Existing Advisory Agreement. However, following the closing of the Transaction, the existing management team of the Angel Oak Companies will continue to independently manage the day-to-day business of the Angel Oak Companies and Angel Oak, and will control the boards of directors of the Angel Oak Companies. Information regarding the Fund and Angel Oak can be found at Past performance is neither indicative nor a guarantee of future results. Investors should read the prospectus supplement and accompanying prospectus and consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information, please contact your investment representative or EQ Fund Solutions LLC, the Fund's proxy solicitor, at 866-751-6314.
Business Wire
03-07-2025
- Business
- Business Wire
Angel Oak Financial Strategies Income Term Trust Announces Preliminary Results from Annual Meeting of Stockholders
ATLANTA--(BUSINESS WIRE)--Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the "Fund") has announced the preliminary results provided by the independent inspector of elections from the Annual Meeting of Shareholders held on June 26, 2025 (the 'Annual Meeting'), in which the Fund, its current trustees and Angel Oak management received strong support across all three proposals. Proposal 1: Approval of New Investment Advisory Agreement A strong majority of FINS shareholders supported the proposed new investment advisory agreement (the 'new agreement') with Angel Oak Capital Advisors, LLC ('Angel Oak'), with 63.5% of votes cast at the Annual Meeting voting in favor. Shareholder approval for the new agreement is being requested because of a pending change in Angel Oak's organizational structure unrelated to Angel Oak's management of FINS, as described in FINS's Proxy Statement filed with the U.S. Securities and Exchange Commission on May 9, 2025. Proposal 2: Election of Trustees FINS nominated two experienced Trustees for additional three-year terms. Each of those nominees received in excess of 50% of the votes cast at the Annual Meeting. A dissident shareholder who opportunistically nominated himself to the board received significantly less than a majority of the votes cast at the Annual Meeting. Proposal 3: Ratification of Auditor FINS' auditor was ratified with 93.8% support from shareholders present at the Annual Meeting. Despite the strong support, neither the new agreement nor the Trustees received enough votes to pass the required vote thresholds. Further communications will be provided as the final results become available. The Trustees of FINS will continue to ensure FINS' shareholders are served by a trusted investment adviser. FINS appreciates its shareholders' continued support in the Fund and in Angel Oak. Angel Oak has successfully managed FINS since its inception in 2019. FINS has focused on enhancing long-term shareholder value with proactive actions aimed to improve liquidity, efficiency, and performance. Shareholders most recently demonstrated their support of FINS' performance through significant oversubscription in its recent rights offering in May 2025. ABOUT FINS Led by Angel Oak's experienced financial services team, FINS 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 FINS' portfolio is publicly rated investment grade or, if unrated, judged to be of investment grade quality by Angel Oak. ABOUT ANGEL OAK CAPITAL ADVISORS, LLC Angel Oak Capital Advisors, LLC (the 'Adviser') is an investment management firm focused on providing compelling fixed-income investment solutions to its clients. Backed by a value-driven approach, the Adviser 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. On April 1, 2025, Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, itself the parent company of the Adviser, announced that it signed a definitive agreement pursuant to which Brookfield Asset Management Ltd. will acquire a majority interest in Angel Oak Companies, LP and its subsidiaries, including the Adviser (the 'Transaction'). The closing of the Transaction is expected to be completed by September 30, 2025. The Transaction is not expected to result in any material change in the day-to-day management of the Fund. However, the closing of the Transaction is subject to certain conditions, and there can be no assurance that the Transaction will be completed as planned, or that the necessary conditions will be satisfied. If successful, the closing of the Transaction would be deemed to be a change of 'control' of Angel Oak Companies, LP and its subsidiaries (collectively, 'Angel Oak'), including the Adviser, under the Investment Company Act of 1940, and deemed 'assignment' of the Fund's investment advisory agreement (the 'Existing Advisory Agreement'), which would result in the automatic termination of the Fund's Existing Advisory Agreement. However, following the closing of the Transaction, the existing management team of Angel Oak will continue to independently manage the day-to-day business of Angel Oak and the Adviser, and will control the board of directors of Angel Oak. Information regarding the Fund and the Adviser can be found at Past performance is neither indicative nor a guarantee of future results. Investors should read the prospectus supplement and accompanying prospectus and consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. For more information, please contact your investment representative or EQ Fund Solutions at 866-751-6314.
