Form 8-K

8-K — Angel Oak Financial Strategies Income Term Trust

Accession: 0001999371-26-021657

Filed: 2026-09-30

Period: 2026-09-30

CIK: 0001745059

Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item: Submission of Matters to a Vote of Security Holders

Item: Financial Statements and Exhibits

Documents

8-K — fins-8k_093026.htm (Primary)

EX-3.1 — AMENDMENT TO DECLARATION OF TRUST (ex3-1.htm)

EX-99.2 — PRESS RELEASE DATED SEPTEMBER 28, 2026 (ex99-2.htm)

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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): September 30, 2026

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.)

980 Hammond Drive, Suite 200

Atlanta, Georgia

30328

(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 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

On September 25, 2026, at the Annual Meeting of Shareholders (the “Annual Meeting”) the shareholders of Angel Oak Financial Strategies Income Term Trust (the “Fund”) approved an amendment to Article IV, Section III of the Declaration of Trust of the Fund (the “Declaration of Trust”) that lowers the threshold required for the shareholders of the Fund to remove a trustee of the Fund (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 the Fund and the Trustees to remove a Trustee for “Cause.” A copy of the amendment to the Declaration of Trust is attached hereto as Exhibit 3.1.

Item 5.07. Submission of Matters to a Vote of Security Holders.

(a)

On September 25, 2026, the Fund convened the Annual Meeting, at which the matters set forth below in response to Item 5.07(b) were submitted to a vote of shareholders of the Fund.

As of the close of business on June 10, 2026, the record date of the Annual Meeting, 33,416,851.4 of the Fund’s common shares and 2,000,000 of the Fund’s Series A Mandatorily Redeemable Preferred Shares (the “MRPS”) were outstanding and entitled to vote.

Set forth below are proposals voted upon at the Annual Meeting, and the certified voting results reported by the Fund’s proxy solicitor. Based on the certified voting results, 32,636,945 common shares and MRPS, combined, were voted in person or by proxy at the Annual Meeting, representing 92.15% of all shares entitled to vote. In the case of the MRPS, 1,920,000 were voted in person or by proxy at the Annual Meeting, representing 96% of the MRPS. In each case, the combined common shares and MRPS voted represented a quorum for purposes of holding the Annual Meeting and voting on the applicable proposals. Percentages are based on the total votes cast.

(b)

The certified voting results for the proposals voted on at the Annual Meeting are set forth below:

Proposal 1: Election of the Class II Trustees. The certified votes for each nominee are set forth below.

Nominee for Class II Trustee

Votes For

Votes Against

Withheld

Keith M. Schappert

25,936,960

6,546,688

153,297

Andrea N. Mullins

25,955,397

6,548,197

133,350

Proposal 2: Election of a Class III Trustee. The certified votes for the nominee are set forth below.

Nominee for Class III Trustee

Votes For (MRPS)

Votes Against

Withheld

Ira P. Cohen

1,920,000

Proposal 3: Amendment to the Fund’s Declaration of Trust. The certified votes for the approval of an amendment to the Fund’s Declaration of Trust to lower the threshold for shareholders to remove a Trustee for “Cause” as defined in the Declaration of Trust from 75% to 66.67% and lower the threshold for Trustees to remove a Trustee of the Fund for “Cause” from 75% to 66.67% (the “Amendment”) are set forth below.

Votes For

26,144,815

Votes Against

1,309,741

Withheld

93,953

Proposal 4: Adjournment to Solicit Additional Proxies. The certified votes for the approval of adjournment of the Annual Meeting for the purposes of soliciting additional proxies if there are not sufficient votes at the Annual Meeting to approve the proposals or establish a quorum are set forth below.

Votes For

25,900,593

Votes Against

6,611,235

Withheld

125,113

Proposal 5: Ratification of Auditor. The certified votes for the ratification of the Fund’s independent registered public accounting firm, Cohen & Cohen, Ltd., for the fiscal year ending January 31, 2027 are set forth below.

Votes For

31,125,698

Votes Against

1,343,027

Withheld

183,102

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

3.1

Amendment to Declaration of Trust

99.2

Press Release dated September 28, 2026

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: September 30, 2026

By:

/s/ Ward Bortz

Name:

Ward Bortz

Title:

President

EX-3.1 — AMENDMENT TO DECLARATION OF TRUST

EX-3.1

Filename: ex3-1.htm · Sequence: 2

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST 8-K

Exhibit 3.1

AMENDMENT

DECLARATION OF TRUST

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST

(a Delaware Statutory Trust)

Dated as of September 25, 2026

This Amendment (the “Amendment”),

amends that certain Declaration of Trust, dated June 14, 2018 (the “Declaration of Trust”) of Angel Oak Financial Strategies

Income Term Trust (the “Trust”). Capitalized terms used but not defined in this Amendment shall have the meanings ascribed

to such terms in the Declaration of Trust.

WHEREAS, the Board of Trustees

believes that it is advisable and in the best interest of the Shareholders and the Trust to amend the Declaration of Trust to lower the

threshold for removal by Shareholders and Trustees of a Trustee for “Cause” as defined in Article IV, Section 3 of the Declaration

of Trust.

NOW, THEREFORE, the Declaration

of Trust is amended as follows:

1.             Amendment to Article IV, Section 3. The Declaration of Trust is hereby amended by deleting the second sentence of Article

IV, Section 3 of the Declaration of Trust and by replacing the deleted second sentence by inserting the following:

Any of the Trustees may be removed

from office only for “Cause” (as hereinafter defined) and only (i) by action of at least sixty-six and sixty seven one hundredths

percent (66.67%) of the outstanding Shares of the classes or series of Shares entitled to vote for the election of such Trustee, and (ii)

by written instrument, signed by at least sixty-six and sixty seven one hundredths percent (66.67%) of the remaining Trustees, specifying

the date when such removal shall become effective.

2.             Entire Agreement. Except as amended herein, the Declaration of Trust shall remain in full force and effect.

3.             Effective Date. This Amendment shall be effective as of the date first written above.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has executed

this Amendment as of the date first written above.

/s/ Ward Bortz

Name:

Ward Bortz

Title:

President

Signature Page to Amendment to Declaration of

Trust

EX-99.2 — PRESS RELEASE DATED SEPTEMBER 28, 2026

EX-99.2

Filename: ex99-2.htm · Sequence: 3

ANGEL OAK FINANCIAL STRATEGIES INCOME TERM TRUST 8-K

Exhibit 99.2

Angel Oak Financial Strategies Income Term Trust

Announces Results of 2026 Annual Meeting of Shareholders

Shareholders Representing Approximately 92% of

Eligible Shares Participate in Annual Meeting and Approve Key Proposals

ATLANTA – September 28, 2026 – Angel Oak Financial Strategies

Income Term Trust (NYSE: FINS) (the “Fund”) today announced the final certified voting results from its 2026 Annual Meeting

of Shareholders, which was held on September 25, 2026 (the “Annual Meeting”).

More than 90% of the Fund’s outstanding shares were represented

at the Annual Meeting, demonstrating strong shareholder engagement. The proposals presented at the Annual Meeting received overwhelming

shareholder support, with approximately 80% or more of votes cast in favor of each applicable proposal.

At the Annual Meeting, shareholders elected Keith M. Schappert and

Andrea N. Mullins as Class II Trustees and Ira P. Cohen as a Class III Trustee to the Fund’s Board of Trustees. Shareholders also

approved an amendment to the Fund’s Declaration of Trust reducing the threshold for Fund shareholders and Trustees to each remove

a Trustee for “Cause” from 75% to 66.67%, approved any necessary adjournment of the Annual Meeting to solicit additional proxies

or establish a quorum (which adjournment was not needed or made), and ratified the appointment of Cohen & Company, Ltd. as the Fund’s

independent registered public accounting firm for the fiscal year ending January 31, 2027.

“We are grateful for our shareholders’ strong participation

in this year’s Annual Meeting and their continued support of the Fund,” said Ira P. Cohen, Chairman of the Fund’s

Board of Trustees. “We value their engagement and appreciate the confidence they have placed in the Fund and its Board of Trustees.”

Approximately 92% of the Fund’s outstanding shares were represented

at the Annual Meeting, reflecting strong shareholder participation and engagement. That turnout is materially greater than the participation

at the 2025 Annual Meeting when approximately 72% of the Fund’s outstanding shares were represented.

About FINS

Led by Angel Oak’s experienced financial services team, the Fund

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 the Fund’s portfolio is publicly rated investment grade or, if unrated, judged to be

of investment grade quality by Angel Oak.

ABOUT ANGEL OAK

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.

Information regarding the Fund and Angel Oak can be found at www.angeloakcapital.com.

Past performance is neither indicative nor a guarantee of future results.

Investors should carefully consider the Fund’s investment objective and policies, risk considerations, charges and ongoing expenses

of an investment before investing. For more information, please contact your investment representative or Destra Capital Advisors LLC

at 877.855.3434.

Contacts

Media:

Bernardo Soriano, Gregory for Angel Oak Capital Advisors

610-642-8253

bsoriano@gregoryagency.com

Company:

Randy Chrisman, Chief Marketing & Corporate IR Officer, Angel Oak

Capital Advisors

404-953-4969

randy.chrisman@angeloakcapital.com

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