Concerned Investor to Vote Against Angel Oak Financial Strategies Income Term Trust Trustee Nominees

Cites Holdover Trustees, Entrenchment Provisions, Preferred Share Issuance That Removed Trustees from Election by Common Shareholders, and Fund Performance

WASHINGTON, Sept. 3, 2026 /PRNewswire/ -- Trevor Montano ("Mr. Montano"), a shareholder of Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) (the "Fund"), today announced that he intends to VOTE AGAINST the Class II Trustee nominees, Keith M. Schappert and Andrea N. Mullins at the Fund's Annual Meeting of Shareholders on September 25, 2026. The Fund is managed by Angel Oak Capital Advisors, LLC.

Mr. Montano's Reasons

1. Class II Holdover Trustees. Mr. Schappert and Ms. Mullins did not receive sufficient votes at the 2025 Annual Meeting of Shareholders to be elected yet have served as holdover Trustees since June 2025. The Fund's Board had an opportunity to allow shareholders to vote on Class II Trustees at the Special Meeting of Shareholders held in September 2025, but Trustees were not placed on the ballot and holdover ensued.
   
   
2. No Independent Trustee Refreshment. All four independent Trustees have served since the Fund's inception in 2019.
   
   
3. Fund Governing Documents Contain Numerous Entrenchment Provisions. The Fund's governing documents provide for a classified board; a majority-vote standard in contested elections with no resignation requirement, which permits trustees to hold over; removal of trustees only for Cause; a 75% supermajority vote requirement in certain circumstances; and no shareholder right to amend the By-Laws. Shareholders should not mistake the proposed amendment to the Declaration of Trust for a fix: the removal threshold would remain a supermajority, and cause would still be required to remove a Trustee. 
   
   
4. Preferred Share Issuance. In May 2026 — the same day the Fund announced the date of the 2026 Annual Meeting of Shareholders — it announced its first-ever issuance of preferred shares, at a 5.864% dividend rate exceeding the 5.364% rate on senior notes issued the same day, to a single investor. Under Section 18(a)(2)(C) of the Investment Company Act of 1940, the holders of those preferred shares are entitled, voting as a separate class, to elect two Trustees. This Board decision removed two of the Fund's five board seats from election by common shareholders and placed them with one investor.
   
   
5. Fund Performance and the Discount to Net Asset Value. The Fund's common shares have closed at a discount to Net Asset Value on every trading day since February 27, 2020 — more than six years. Addressing the discount is the Board's responsibility. 

About Trevor Montano

Trevor Montano is a private investor focused on financial services, business services, financial technology and energy companies. He formerly served as the Chief Investment Officer at the U.S. Department of the Treasury and has 25 years of experience in the financial services industry.

THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND MR. MONTANO YOUR PROXY CARD. MR. MONTANO IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. MR. MONTANO IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

Shareholders should read the Fund's proxy statement and reach their own conclusions.

Contact
Trevor Montano
[email protected] 

SOURCE Trevor Montano