XAI Octagon Floating Rate & Alternative Income Trust filings document the regulatory record for a NYSE-listed closed-end fund with common shares of beneficial interest and preferred share financing. Proxy materials cover trustee elections and shareholder voting by common and preferred holders, while Form 8-K reports address amendments to preferred-share preferences, redemptions, securities purchase agreements, and unregistered sales of mandatory redeemable preferred shares.
The filing record also includes exchange and registration matters for preferred securities, including Form 25 notices, alongside capital-structure disclosures tied to leverage, liquidation preferences, redemption terms, and fund governance.
XAI Floating Rate & Alternative Income Trust (XFLT) Vice President John Yogi Spence purchased 1,000 common shares directly on October 23, 2026, at $16.50 per share. His direct balance after the purchase was 115,357 shares. Separate indirect positions were reported through XA Investments LLC, by his spouse and through XMS Holdings LLC. The reported post-transaction balances reflect the issuer’s 1-for-5 reverse split effective March 20, 2026, and include shares received through the XFLT Dividend Reinvestment Plan. No Rule 10b5-1 plan is reported.
XAI Floating Rate & Alternative Income Trust (XFLT) Vice President Spence John Yogi purchased 2,000 common shares at $17.07 per share on October 21, 2026. His direct holdings afterward were 114,357 shares; that balance reflects the issuer’s 1-for-5 reverse split effective March 20, 2026, and includes shares received through the XFLT Dividend Reinvestment Plan. The reported indirect positions were 2,050 shares through XA Investments LLC, 2,118 shares held by his spouse, and 3,647 shares through XMS Holdings LLC. No Rule 10b5-1 plan is reported.
XAI Floating Rate & Alternative Income Trust reported final results for its issuer tender offer to purchase up to 1,903,861 common shares, approximately 12.5% of its issued and outstanding shares, for cash. The purchase price was 98% of NAV per share, with NAV determined at the close of the regular NYSE trading session on the business day immediately following the offer’s expiration. The Trust issued a release announcing the final results on October 21, 2026.
XAI Floating Rate & Alternative Income Trust amended its tender offer statement after its offer to purchase up to 1,903,861 common shares—approximately 12.5% of its issued and outstanding common shares—in exchange for cash expired at 11:59 p.m. Eastern Time on October 19, 2026. The Trust issued a release on October 20 announcing preliminary results.
XAI Floating Rate & Alternative Income Trust (XFLT) filed an issuer tender offer statement describing its offer to repurchase up to 1,903,861 common shares, which is approximately 12.5% of its issued and outstanding common shares. The Trust will pay cash at a price equal to 98% of net asset value (NAV) per share, with NAV determined as of the close of the regular NYSE trading session on the business day immediately following the offer’s expiration. As of September 11, 2026, the Trust had 15,230,884 common shares outstanding. The offer is being made pursuant to an Offer to Purchase dated September 18, 2026 and a related Letter of Transmittal, which set out additional terms, conditions, and information about the Trust.
XAI Floating Rate & Alternative Income Trust reports that shareholders approved a new investment sub-advisory agreement with Rockford Tower Asset Management, L.L.C. (the King Street Sub-Adviser) at a reconvened special meeting on August 6, 2026. The Trust, its Adviser and the King Street Sub-Adviser then entered into this New Sub-Advisory Agreement on August 10, 2026.
The agreement has an initial term of two years and can continue year-to-year if annually approved by the Board of Trustees or a majority of outstanding voting securities, and by a majority of trustees who are not “interested persons” of the Trust, the Adviser or the King Street Sub-Adviser. It may be terminated by the Trust or the Adviser on 60 days’ written notice to the sub-adviser, or by the sub-adviser on 60 days’ written notice to the Trust and Adviser, and it automatically terminates upon assignment or if the Trust’s advisory agreement with the Adviser ends.
Octagon Credit Investors and aligned shareholders are urging XAI Floating Rate & Alternative Income Trust investors to vote against approving a new sub‑advisory agreement that would replace Octagon with Rockford Tower Asset Management, a King Street affiliate. The solicitation argues that XFLT’s weak record—NAV falling from $48.90 at the 2017 IPO to $22.30 at March 31, 2026 and only 3.8% cumulative NAV total return since FY2022—is driven by the adviser XA’s asset‑allocation choices, especially maintaining roughly 35–40% of the portfolio in CLO equity, rather than Octagon’s security selection.
The materials highlight XFLT’s current 1.70% management fee on managed assets, noting that nearly half of the portfolio is in broadly syndicated loans, and contrast this with Octagon’s counter‑proposal to cut the fee to 1.30%, simplify the management structure, and prioritize discount‑reducing actions such as buybacks or a tender offer. They also cite an Egan‑Jones research piece recommending a vote against the change, referencing governance concerns including a higher fee share for XA, board ties to the adviser, and limited transparency around the sub‑adviser search. A separate shareholder analysis emphasizes XFLT’s roughly $17.55 market price versus $22.91 NAV as of June 30, 2026, about a 23% discount, and estimates about $9.18 per share of unrealized markdowns as potential upside if CLO markets recover.
XAI Floating Rate & Alternative Income Trust has appointed Rockford Tower Asset Management, L.L.C., a King Street affiliate, as interim sub-adviser after terminating its prior sub-advisory agreement with Octagon Credit Investors, LLC, effective July 30, 2026. A shareholder vote on a new sub-advisory agreement has been adjourned to August 6, 2026 to continue soliciting proxies.
The Trust’s investment adviser, investment objective, principal investment policies and advisory fee rate remain unchanged. The Adviser continues to receive an advisory fee of 1.70% of average daily Managed Assets, with the King Street sub-adviser earning 52% of that advisory fee. A related reimbursement limitation agreement caps reimbursable sub-adviser expenses at 0.07% per annum of average daily net assets, with potential reimbursement for up to three years, subject to overall operating expense limits. The interim agreement expires on the earlier of shareholder approval of the new agreement or the 150th day after effectiveness. Young Choi becomes lead portfolio manager, joined by portfolio manager Terry Ing.