Ira Cohen

About Ira Cohen

Ira P. Cohen (born 1959) serves as Independent Trustee and Chair of the Board for Angel Oak Strategic Credit Fund; he has been Trustee since 2017 and Chair since 2017 with an indefinite term. His background includes over 43 years in financial services, including Executive Vice President at Recognos Financial (2015–2021) and independent financial services consulting since 2005; principal occupations are disclosed in the proxy. He oversees 9 portfolios within the Angel Oak fund complex.

Past Roles

External Roles

Board Governance

• Independence and role: Independent Chairman; acts as spokesperson for Trustees between meetings, liaison with service providers/counsel, and helps set Board and Independent Trustee executive session agendas. The Board maintains a majority of Independent Trustees.
• Committee structure: Four standing committees comprised of all Independent Trustees—Audit, Financial & Administrative Oversight; Nominating & Governance; Compliance Oversight; Valuation & Risk Management Oversight.
• Meeting cadence and attendance: Each committee met four times in FY ended Jan 31, 2025; each Trustee attended 75% or more of Board and applicable committee meetings.
• Executive sessions: Independent Trustees meet in separate quarterly executive sessions in conjunction with each quarterly Board meeting.
• Board effectiveness processes: Annual Board/committee structure review; annual self-assessment of Board effectiveness.

Fixed Compensation

• Structure (Independent Trustees): Annual retainer $75,000; $12,000 per regularly scheduled meeting; Committee Chair additional $12,000; Board Chair additional $17,000; reimbursement for out-of-pocket expenses; no pension/retirement plans.

Actual FY compensation (year ended Jan 31, 2025):

Performance Compensation

• No equity awards (RSUs/PSUs), stock options, or performance-linked cash bonuses disclosed for Trustees; compensation appears cash-based via retainers/meeting/chair fees. The Funds do not have pension/retirement plans.

Other Directorships & Interlocks

• Cohen sits on multiple Angel Oak-affiliated boards (Financial Strategies Income Term Trust; Credit Opportunities Term Trust) and non-affiliated funds (Valued Advisers Trust; Apollo-branded funds), indicating extensive fund governance exposure and potential information flow across related products.

Expertise & Qualifications

• 43+ years in financial services, senior management roles, and extensive trustee experience across registered funds; Board notes his experience equips him to carry out oversight responsibilities for the Trust.

Equity Ownership

• Trustee share ownership (as of Dec 31, 2024): Cohen reported “A” (None) across all listed Angel Oak funds/ETFs, including Angel Oak Strategic Credit Fund; aggregate dollar range across all registered funds overseen: “A” (None).
• Group holdings: Trustees and officers as a group beneficially owned <1% of outstanding shares across the Funds.
• Independence reinforcement: Neither Independent Trustees nor immediate family owned securities of the Adviser, principal underwriter, or affiliates; no direct/indirect interests >$120,000 in the past two years.

Governance Assessment

• Strengths:

  • Independent Chair role with structured independent oversight (quarterly executive sessions) and majority-independent Board composition—supports robust governance.
  • Full participation across governance committees, each meeting quarterly; attendance ≥75%—signals engagement and Board effectiveness.
  • No adviser/underwriter affiliate holdings or significant related-party interests for Independent Trustees—reduces conflict risk.

• Watch items / potential investor confidence signals:

  • No personal investment in ASCIX (reported “None”), which may limit perceived “skin in the game,” though this is common in ’40 Act fund governance and not a requirement.
  • Multiple simultaneous board commitments (9 portfolios overseen, plus external boards) warrant continued monitoring of workload and focus, especially as Chair.
  • ASCIX context: Board disclosed that ASCIX’s management fee was lower than the median peer fee, while the net expense ratio was lower than peer median—positive for shareholder alignment, but not specific to Cohen; included for governance context.

• Transaction oversight context:

  • Board (including Independent Trustees) unanimously approved new advisory agreements in connection with Brookfield’s majority acquisition of Angel Oak Companies, with conditions under Section 15(f) (no unfair burden; ≥75% independent Board) and a planned trustee resignation to maintain independence—reflects attention to fiduciary standards during change-of-control.

Director-Specific Details (ASCIX)

RED FLAGS: None explicitly disclosed for Cohen (no related-party transactions, no hedging/pledging reported, and attendance threshold met). The primary watch item is zero fund share ownership, which may be viewed by some investors as a weaker alignment signal in corporate contexts, though not atypical for mutual fund trustees.