Chase Eldredge
About Chase Eldredge
Chase Eldredge (born 1989) is Chief Compliance Officer (CCO) of Angel Oak Strategic Credit Fund (ASCIX) and affiliated Angel Oak funds, appointed by the Board in September 2022 with an indefinite term; he previously served as Senior Compliance Officer (2020–2022) and Compliance Officer (2017–2020) at Angel Oak Capital Advisors, LLC . As an officer (not a trustee), he is the Fund’s compliance lead and frequent SEC signatory (N‑23C3A repurchase notices and N‑CEN), indicating operational accountability for regulatory processes . During his tenure, the Fund’s performance ranked first quartile since inception and outperformed the Bloomberg U.S. Aggregate Bond Index over multiple horizons through 12/31/2024 (Board assessment), though investment results are driven by portfolio management rather than compliance functions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Angel Oak Capital Advisors, LLC | Chief Compliance Officer | Since 2022 | Leads adviser-level compliance program supporting multiple registered funds/trusts . |
| Angel Oak Capital Advisors, LLC | Senior Compliance Officer | 2020–2022 | Advanced oversight, testing, and regulatory support during fund growth and product launches . |
| Angel Oak Capital Advisors, LLC | Compliance Officer | 2017–2020 | Implemented core compliance monitoring and policy administration . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Angel Oak Strategic Credit Fund (ASCIX) | Chief Compliance Officer | Since 2022; indefinite term | Officer of the Trust; primary signatory on SEC filings (N‑23C3A, N‑CEN), executing quarterly repurchase notices and annual census reports . |
| Falcons I, LLC | Chief Compliance Officer | Since 2022 | Extends compliance oversight to affiliated vehicle(s) . |
| Angel Oak Funds Trust | Chief Compliance Officer | Since 2022 | Oversees compliance for multiple open‑end funds/ETFs within the complex . |
| Angel Oak Financial Strategies Income Term Trust | Chief Compliance Officer | Since 2022 | Interval/closed‑end trust oversight; supports Section 23c‑3 processes and board reporting . |
| Angel Oak Credit Opportunities Term Trust | Chief Compliance Officer | Since 2022 | Compliance leadership for affiliated term trust . |
Fixed Compensation
Not disclosed in Fund filings. Proxies/SAIs provide trustee fees but do not report officer (e.g., CCO) base salary or bonus; only Independent Trustee compensation schedules are included .
Performance Compensation
Not disclosed. No details on CCO target/actual bonuses, equity/option awards, or performance metrics tied to pay in Fund filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial beneficial ownership at appointment | Form 3 (event 09/29/2022) reports “No securities are beneficially owned.” Name appears as “Eldredge William,” title Chief Compliance Officer; timing aligns with Board’s 09/28/2022 approval of Chase Eldredge as CCO . |
| Current insider transaction activity | No Form 4 filings located for Eldredge (no reported open market trades or derivative transactions) [Search: no Form 4]. |
| Officers/trustees aggregate ownership | Trustees and officers, as a group, beneficially owned less than 1% of outstanding Fund shares as of 04/28/2025 . |
| Pledging/hedging | Not disclosed in Fund filings . |
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment and term | Board approved Eldredge as CCO at its 09/28/2022 meeting; role “Since 2022; indefinite term” in officer table . |
| Service status | Officers are appointed by the Board and “serve at the pleasure of the Board” . |
| Severance / change‑of‑control | No officer‑specific severance, CoC triggers, or accelerated vesting terms disclosed in Fund filings . |
| Brookfield–Angel Oak transaction | Board materials state adviser personnel and day‑to‑day operations are expected to remain the same post‑transaction; new advisory agreements are substantially identical; no fee increases; compliance oversight to continue with no unfair burden under 1940 Act Section 15(f) . |
| Clawbacks, tax gross‑ups, deferred comp | Not disclosed for officers in Fund filings . |
Performance & Track Record
- Fund performance context (Board assessment): Angel Oak Strategic Credit Fund’s Institutional Class ranked 1st quartile since inception, 2nd quartile over 3‑ and 5‑year periods, and outperformed the Bloomberg U.S. Aggregate Bond Index over 1‑, 3‑, 5‑year periods and since inception through 12/31/2024 .
- Compliance oversight cadence: Compliance Oversight Committee met four times in FY ended 1/31/2025 and regularly engages with the CCO; the Board also reviews risk and valuation matters with management and the Chief Risk Officer .
- Regulatory execution: Eldredge is the signatory on recurring quarterly repurchase offers (Form N‑23C3A) and annual census (Form N‑CEN), evidencing responsibility for timely filings and shareholder liquidity processes for the interval fund .
Compensation Structure Analysis
- No disclosure of CCO cash/equity mix, targets, or metrics; Fund filings only detail Independent Trustee compensation, limiting pay‑for‑performance analysis for officers .
- No evidence of option repricing, guaranteed bonuses, or equity award modifications for officers in Fund filings .
- Adviser transaction context: The Board expects continuity in services/personnel and no fee increases post‑Brookfield transaction; Section 15(f) protections (no unfair burden; 75% independent Board) are addressed, reducing execution/transition risk at the fund complex level .
Related Party Transactions and Governance Notes
- Codes of Ethics/compliance program: The Board, via the Compliance Oversight Committee, oversees compliance programs and Codes of Ethics for the Fund and Adviser; the CCO reports to the Board on compliance matters .
- Auditor independence and fees disclosed; no affiliated brokerage commissions in the most recent year; standard fund governance practices in place .
Investment Implications
- Alignment/insider pressure: Form 3 shows no initial beneficial ownership, no Form 4 activity is found since; group insider ownership <1%—suggesting low insider selling pressure and limited direct equity alignment at the officer level, typical for 1940 Act fund officers [Search: no Form 4].
- Retention/continuity: Role is Board‑appointed, indefinite; Board disclosures around the Brookfield transaction emphasize unchanged personnel and services, lowering near‑term retention and transition risk for compliance leadership .
- Execution risk: Active Board‑level compliance oversight (four meetings in FY25) and recurring SEC filings executed under Eldredge’s signatory indicate robust compliance operations; investment performance drivers remain with portfolio management, not the CCO function .
- Data gaps: Lack of officer compensation detail, severance/CoC economics, and ownership guidelines constrains pay‑for‑performance and incentive‑risk assessment; further insight would require adviser‑level disclosures not present in fund filings .