Angel Oak Capital Advisors, LLC, an investment management firm that specializes in value-driven, fixed-income solutions, is pleased to announce that the reorganization of Angel Oak Dynamic Financial Strategies Income Term Trust (NYSE: DYFN) with and into Angel Oak Financial Strategies Income Term Trust (NYSE: FINS) was completed on July 29, 2022 after the close of trading. The reorganization is intended to provide potential benefits to shareholders, including lower operating expenses and greater secondary market liquidity, among other efficiencies.

The completed reorganization and related issuance of new shares of FINS, which required approval by shareholders of FINS and satisfaction of applicable regulatory requirements, included the transfer of all assets of DYFN to FINS. FINS issued approximately 4,757,307 new common shares in exchange for the DYFN assets, bringing the total number of its outstanding common shares to approximately 25,062,638. The conversion ratio was calculated at 1.17 common shares of FINS for each DYFN common share. FINS net assets and total assets are now approximately $409 million and $589 million, respectively.

“The reorganization allows us to deploy capital as we strive to take advantage of the current market conditions,” says Johannes Palsson, Managing Director and Senior Portfolio Manager at Angel Oak. “We maintain high conviction that financial sector debt, and particularly subordinated debt of community and regional banks, remains an attractive solution for fixed income investors in this unique economic environment.”

There will be no change to the investment objectives, investment strategies or investment policies of FINS as a result of the proposed reorganization.

Since mid-2014, Angel Oak has participated in more than 300 new issue deals for over $2.5 billion in financial sector debt. Angel Oak’s dedicated team looks forward to continuing to find value for its investors in the community bank and nonbank financial sectors as it leverages its expertise and proprietary research and investment strategies