XAI Floating Rate & Alternative Income Trust Announces Final Results of Tender Offer

Valid tenders exceeded the offer limit, leaving only a portion of submitted shares eligible for purchase.

Rhea-AI Summary

XAI Floating Rate & Alternative Income Trust (NYSE: XFLT) announced final tender offer results, with 1,903,861 common shares to be purchased.

The offer covered up to approximately 12.5% of outstanding common shares and expired on October 19, 2026. Holders validly tendered 7,331,021 shares, exceeding the offer limit. The final purchase price is $21.0602 per accepted share, equal to 98% of net asset value, the value of assets less liabilities per share, at the close of regular NYSE trading on October 20, 2026.

The 26.01% pro-ration factor determines the portion of validly tendered shares to be purchased, subject to rounding adjustments to avoid fractional shares. After giving effect to the tender offer, the Fund will have 13,327,023 common shares outstanding.

1 point · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.The tender offer will return capital through purchasing 1,903,861 shares, approximately 12.5% of outstanding common shares.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Accepted shares receive $21.0602 each, equal to 98% of October 20, 2026 net asset value.
• Minor pointValid tenders of 7,331,021 shares exceeded capacity, limiting purchases to a 26.01% pro-ration factor.

Key Figures

Offer size: Up to 1,903,861 shares (approximately 12.5%) Shares validly tendered: 7,331,021 shares Shares purchased: 1,903,861 shares +4 more

Offer size

Up to 1,903,861 shares (approximately 12.5%)

Tender offer limit

Shares validly tendered

7,331,021 shares

Final tender offer results

Shares purchased

1,903,861 shares

Final tender offer results

Pro-ration factor

26.01%

Final tender offer results

Purchase price

$21.0602 per share

Validly tendered and accepted shares

Price relative to NAV

98% of NAV

NAV as of the October 20, 2026 market close

Outstanding shares after offer

13,327,023 shares

After giving effect to the tender offer

Historical Context

1 past event · Latest: Sep 18

1 event

1. Sep 18

   Tender offer launch

   24h Move

   +1.8%

   Launched the same offer with a 1,903,861-share cap and 98%-of-NAV pricing terms.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tender offer, net asset value, pro-ration factor, depositary

4 terms

tender offer financial

"final results of its Tender Offer"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

net asset value financial

"98% of the Fund's net asset value"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

pro-ration factor financial

"Pro-Ration Factor*"

A pro-ration factor is the fraction or percentage used to scale down investors' requested or eligible allocations when demand exceeds the number of securities or rights available. It is calculated so that the sum of all individual allocations equals the available supply — commonly expressed as (available shares ÷ total requested shares) or (allocated shares ÷ requested shares) — and is applied to each investor’s request to determine their actual allotment. Because it produces fractional results, issuers apply rounding rules or cash-in-lieu procedures to arrive at whole-share allocations.

depositary financial

"Computershare Trust Company, N.A. the depositary for the Tender Offer"

A depositary is a financial institution that holds and safeguards financial assets, such as stocks or bonds, on behalf of investors. It ensures that ownership records are accurate and that transactions are processed securely. For investors, a depositary provides a trustworthy way to manage their investments, similar to a secure vault that keeps valuables safe and organized.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CHICAGO, Oct. 21, 2026 (GLOBE NEWSWIRE) -- XAI Floating Rate & Alternative Income Trust (NYSE: XFLT) (the “Fund”), announced today the final results of its Tender Offer (the “Tender Offer”), which commenced September 18, 2026, and expired at 11:59 p.m., Eastern Time, on October 19, 2026. The Tender Offer was for up to 1,903,861 (approximately 12.5%) of the Fund’s outstanding common shares of beneficial interest, par value $0.01 per share (“Common Shares”). The purchase price of validly tendered and accepted Common Shares for the Fund will be 98% of the Fund's net asset value (“NAV”) as of the close of regular trading on the New York Stock Exchange on October 20, 2026.

The table below shows the final results of the Tender Offer as calculated by Computershare Trust Company, N.A. the depositary for the Tender Offer (the “Depositary”):

Tender Offer Amount	Shares Validly Tendered	Shares to be Purchased	Pro-Ration Factor*		Purchase Price of Validly Tendered Shares**		Number of Outstanding Common Shares after Giving Effect to Tender Offer
Up to 12.5% or 1,903,861 Shares	7,331,021	1,903,861	26.01%		$21.0602		13,327,023

* The number of Common Shares to be purchased divided by the number of Common Shares validly tendered. The pro-ration factor is subject to rounding adjustment to avoid the purchase of fractional shares.

** The purchase price of validly tendered and accepted Common Shares will be 98% of the Fund's net asset value (“NAV”) as of the close of regular trading on the New York Stock Exchange on October 20, 2026.

Questions regarding the Tender Offer may be directed to Okapi Partners LLC, the Information Agent for the Tender Offer, who can be reached at the toll-free number (877) 796-5274.

About XA Investments

XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds, an interval fund, and a tender offer fund. The listed closed-end funds, the XAI Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund and tender offer fund, XAI CLO & Income Opportunities Fund and Evanston Multi-Alpha Fund are both available via direct subscription and through select broker/dealers and wealth management platforms.

In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management.

XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

About XMS Capital Partners

XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

About Rockford Tower Asset Management

Rockford Tower Asset Management, L.L.C. is a wholly owned subsidiary of King Street Capital Management, L.P. (“King Street”) and an affiliate of Rockford Tower Capital Management (“Rockford Tower”). Rockford Tower, King Street’s dedicated CLO, CBO and SMA platform, was formed in 2017. Rockford Tower has over $14.7 billion of assets under management as of September 30, 2026, across 19 U.S. CLOs and 10 European CLOs, one CBO transaction and one SMA. In addition, Rockford Tower has traded over $99 billion of loans as of December 31, 2025.

About King Street Capital Management

King Street is a global alternative investment firm founded in 1995 that manages $30.9 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify investment opportunities across asset classes, up and down the capital structure. For more information, please visit www.kingstreet.com.

XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

NOT FDIC INSURED		NO BANK GUARANTEE		MAY LOSE VALUE

Paralel Distributors, LLC - Distributor

Media Contact: 
Kimberly Flynn, President
XA Investments LLC
Phone: 888-903-3358
Email: KFlynn@XAInvestments.com
www.xainvestments.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the final purchase price for XFLT's tender offer?

The final purchase price is $21.0602 per validly tendered and accepted share. This equals 98% of the Fund's net asset value at the close of regular NYSE trading on October 20, 2026.

How many shares will XFLT purchase in its tender offer?

XFLT will purchase 1,903,861 common shares out of 7,331,021 validly tendered. The pro-ration factor is 26.01%, subject to rounding adjustments to avoid fractional-share purchases. The Fund will have 13,327,023 common shares outstanding after giving effect to the offer.