Brookfield Acquires Majority of Angel Oak Companies, LP, Leading to Change in Investment Advisory Agreement for Angel Oak Financial Strategies Income Term Trust.

Brookfield Asset Management has acquired a majority of Angel Oak Companies, resulting in a change of control and the automatic termination of the investment advisory agreement between Angel Oak and the Fund. The Fund's Board and shareholders have approved a new agreement with similar terms and conditions, and the Fund will continue to invest predominantly in US financial sector debt and select financial sector preferred and common equity.

Brookfield Asset Management Ltd. has acquired a majority stake in Angel Oak Companies, LP, the parent of Angel Oak Asset Management Holdings, LLC, and Angel Oak Capital Advisors, LLC. This acquisition, which took place on October 2, 2025, resulted in a change of control for Angel Oak Capital Advisors, leading to the automatic termination of its investment advisory agreement with Angel Oak Financial Strategies Income Term Trust (NYSE: FINS).

The previous advisory agreement between Angel Oak and the Fund was terminated due to the change of control, as per the requirements of the Investment Company Act of 1940. However, the Fund's Board of Trustees approved a new investment advisory agreement with Angel Oak on April 23, 2025, and the shareholders of the Fund approved this new agreement on September 26, 2025. The new agreement maintains the same advisory fee and substantially similar terms and conditions as the previous one.

The acquisition and subsequent changes do not anticipate any material impact on the day-to-day management of the Fund. The Fund will continue to invest predominantly in U.S. financial sector debt and selective opportunities across financial sector preferred and common equity. Under normal circumstances, the Fund will allocate at least 50% of its portfolio to debt investments rated investment grade by nationally recognized statistical rating organizations or deemed of investment grade quality by Angel Oak.

Angel Oak Capital Advisors, the investment management firm focused on providing compelling fixed-income investment solutions, will continue to operate under the new ownership structure. The firm's experienced investment team will continue to seek attractive, risk-adjusted returns through a combination of stable current income and price appreciation, with a specialization in mortgage-backed securities and other areas of structured credit.

Investors are encouraged to review the prospectus supplement and accompanying prospectus for detailed information regarding the fees and expenses associated with an investment in shares of the Fund. Past performance is not indicative of future results, and investors should carefully consider the investment objectives and policies, risk considerations, charges, and ongoing expenses of an investment before investing.

For more information, please contact your investment representative or EQ Fund Solutions at 866-751-6314.