Key dates and potential tax implications for investors
Angel Oak Financial Strategies Income Term Trust (FINS) has announced its distribution for April 2024, with shareholders set to receive $0.109 per share.
The record date for this distribution is April 16, and it will be payable at the end of the month. Ahead of this, the fund will trade ex-distribution on April 15.
The fund aims to distribute income earned, and while most of it comes from net investment income, some portions may be sourced differently, such as from capital gains or return of capital. As required by law, shareholders will be notified if any part of the distribution comes from sources other than undistributed net investment income.
In its Press release, Angel Oak said the final tax characteristics of these distributions will be determined at the end of the fund’s fiscal year, and shareholders will receive a Form 1099-DIV for tax reporting purposes.
Managed by Angel Oak Capital Advisors, the fund primarily invests in US financial sector debt and 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,” the firm said.
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Angel Oak’s investment approach focuses on providing attractive returns through stable income and potential price appreciation, with expertise in fixed income, including mortgage-backed securities and structured credit.
Last month, Angel Oak Capital Advisors rolled out a new offering for insurance companies. The initiative is “designed to give insurance companies access to newly originated and secondary residential mortgage whole loans, primarily via customized separately managed accounts (SMAs).”
“We are just scratching the surface in terms of providing capital-efficient solutions for insurance companies on the whole loan front,” said Manish Valecha, head of client solutions at Angel Oak.
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