Clayton Triick
About Clayton Triick
Clayton Triick (born 1986) serves as an Interested Trustee of Angel Oak Strategic Credit Fund (ASCIX) and Head of Portfolio Management, Public Strategies at Angel Oak Capital Advisors, LLC; he joined the ASCIX Board in 2024 with an indefinite term and is deemed an “interested person” under the 1940 Act due to his employment with the Adviser . Prior to his current role, he was a Senior Portfolio Manager at Angel Oak from 2011–2024, and earlier worked at YieldQuest Advisors on investment committee responsibilities across interest rate, currency, and commodity exposures, as well as closed-end fund allocations .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Angel Oak Capital Advisors, LLC | Head of Portfolio Management, Public Strategies | Since 2024 | Senior PM (2011–2024); portfolio management oversight for Angel Oak funds and separately managed accounts |
| Angel Oak Capital Advisors, LLC | Senior Portfolio Manager | 2011–2024 | Portfolio management for Angel Oak funds; depository institution clients |
| YieldQuest Advisors | Investment Committee Member | Not disclosed (prior to 2011) | Focused on interest rate, currency, commodity risk; managed closed-end fund allocations and individual accounts |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Angel Oak Funds Trust | Trustee | Since 2024; indefinite term | Trustee within Angel Oak fund complex |
| Angel Oak Credit Opportunities Term Trust | Trustee | Since 2024; indefinite term | Trustee within Angel Oak fund complex |
| Angel Oak Financial Strategies Income Term Trust | Trustee | Since 2024; indefinite term | Trustee within Angel Oak fund complex |
Board Governance
- Independence status: Triick is an Interested Trustee under the 1940 Act and therefore is not independent .
- Board structure: Six trustees, majority independent; Independent Chair (Ira P. Cohen) with quarterly executive sessions of independent trustees .
- Committee memberships: The Audit, Nominating & Governance, Compliance Oversight, and Valuation & Risk Management committees are comprised entirely of independent trustees; no committee assignments are disclosed for Triick .
- Meeting attendance: Each Trustee attended 75% or more of Board and applicable committee meetings for the fiscal year ended January 31, 2025 .
- Committee activity (FY ended 1/31/2025): Audit met 4x; Nominating & Governance 4x; Compliance Oversight 4x; Valuation & Risk 4x .
Fixed Compensation
Board compensation framework (Independent Trustees):
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $75,000 | Increase effective Nov 1, 2024 from $65,000 |
| Regular meeting fee | $12,000 per meeting | Paid to Independent Trustees |
| Committee Chair additional annual fee | $12,000 | Paid to Independent Trustees who chair committees |
| Board Chair additional annual fee | $17,000 | Paid to Independent Chair |
| Pension/retirement | None | No pension/retirement plans |
Director-specific compensation (Triick):
| Item | Amount/Status | Source |
|---|---|---|
| Aggregate compensation from ASCIX/Trust | $0 | Interested Trustees do not receive compensation |
| Committee/meeting fees | $0 | Not applicable; committees comprised of Independent Trustees |
| Reimbursement policy | N/A | Independent Trustees eligible; Interested Trustees not compensated |
Performance Compensation
| Element | Disclosure | Notes |
|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed | Proxy discloses cash retainers/fees only for Independent Trustees; Interested Trustees receive $0 |
| Option awards | None disclosed | No options disclosed for trustees |
| Performance metrics tied to comp | None disclosed | No performance-linked director compensation |
| Pension/SERP/Deferred comp | None | “The Funds do not have any pension nor retirement plans” |
Other Directorships & Interlocks
| Entity | Type | Role/Relationship | Potential Conflict Signal |
|---|---|---|---|
| Angel Oak Capital Advisors, LLC | Investment Adviser to ASCIX | Employee (Head of PM, Public Strategies) | Interested Trustee status; direct affiliation with Adviser overseen by Board |
| Angel Oak Funds Trust; Angel Oak Credit Opportunities Term Trust; Angel Oak Financial Strategies Income Term Trust | Registered investment companies | Trustee | Multiple trustee roles within Adviser-affiliated complex; information flow aligned with Adviser |
Expertise & Qualifications
- Portfolio management expertise across public strategies; responsible for Angel Oak fund portfolios and separately managed accounts; investment committee experience at YieldQuest focusing on rate, currency, and commodity risks and closed-end fund allocations .
- Board concluded Triick possesses requisite skills and attributes for trustee oversight responsibilities based on his qualifications and experience .
Equity Ownership
Trustee ownership ranges as of December 31, 2024:
| Fund | Triick Dollar Range | Citation |
|---|---|---|
| Angel Oak Strategic Credit Fund (ASCIX) | A = None | |
| Angel Oak Multi-Strategy Income Fund | A = None | |
| Angel Oak UltraShort Income Fund | E = Over $100,000 | |
| Angel Oak UltraShort Income ETF | E = Over $100,000 | |
| Angel Oak Income ETF | A = None | |
| Angel Oak High Yield Opportunities ETF | A = None | |
| Angel Oak Mortgage-Backed Securities ETF | A = None | |
| Aggregate Dollar Range in all RICs overseen | E = Over $100,000 |
- As of April 28, 2025, Trustees and officers as a group beneficially owned less than 1% of the Funds’ outstanding shares .
Governance Assessment
- Independence/Conflicts: Triick is not independent; he is an employee of the Adviser and therefore an Interested Trustee. This creates inherent conflicts in oversight of advisory contracts, fees, and performance, mitigated structurally by a majority-independent Board and independent-only committees .
- Committee effectiveness: The four standing committees are fully independent, with regular meeting cadence (4x each in FY 2025), which supports robust oversight of audit, compliance, governance, valuation, and risk; Triick does not sit on these committees due to his status .
- Attendance/Engagement: Reported attendance is at least 75% for all trustees (including Triick), indicating baseline engagement .
- Ownership alignment: No disclosed ownership in ASCIX specifically (“A = None”), though Triick holds “E” level investments in other funds within the complex; alignment with ASCIX shareholders appears limited .
- Brookfield transaction oversight: In connection with Brookfield acquiring a majority of Angel Oak Companies, LP, the Board affirmed no unfair burden under Section 15(f), and a further shift to maintain ≥75% independent trustees includes the expected resignation of another Interested Trustee; Triick remains interested, underscoring continued need for independent oversight of adviser-related matters .
- RED FLAGS:
- Not independent; employed by Adviser (conflict in advisory oversight) .
- No ASCIX share ownership disclosed (alignment gap for this fund) .
- Multiple trustee roles within Adviser-affiliated fund complex (interlocks) .
Additional context
- Independent trustee compensation increased effective Nov 1, 2024 (retainer from $65k to $75k), with meeting and chair fees—Triick receives no compensation as Interested Trustee, limiting direct pay-related conflicts at ASCIX but not addressing adviser affiliation .
- Board leadership and executive sessions are independent-led, with an Independent Chair providing structure for oversight and conflict management .
Compliance and Related-Party Considerations
- Independent Trustees and their immediate families do not beneficially own securities of the Adviser, principal underwriter, or affiliates; as an Interested Trustee, Triick is an Adviser employee (affiliation disclosed) .
- No affiliated brokerage commissions were paid in the most recent fiscal year; audit and tax fees disclosed and governed by Audit Committee pre-approval policies .