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.
Octagon Credit Investors, LLC is soliciting proxies and urging XAI Floating Rate & Alternative Income Trust (XFLT) shareholders to vote AGAINST approval of the proposed King Street Sub-Advisory Agreement at a Special Meeting scheduled for July 30, 2026. Octagon states it beneficially owns approximately 64,000 Common Shares (including 60,000 held directly), or about 0.4% of outstanding Common Shares, and intends to vote its shares against the proposal.
Octagon argues the Board and adviser (XAI) have not justified replacing Octagon with Rockford Tower, questions process and oversight, and contends shareholders were not given full context for the decision. The solicitation materials outline Octagon’s tenure since the Fund’s 2017 IPO, growth in managed assets from roughly $73M at IPO to approximately $580–589M, and request that shareholders use the enclosed BLUE proxy card to vote against the King Street Sub-Advisory Agreement.
Octagon Credit Investors intends to solicit XFLT shareholders to vote AGAINST a proposed sub-advisory agreement replacing Octagon with Rockford Tower at XAI Floating Rate & Alternative Income Trust's special meeting. Octagon says Rockford Tower is newly formed and lacks an independent public closed-end fund track record, and urges shareholders to disregard XFLT's proxy materials until Octagon's blue proxy card and full proxy statement are available. Octagon notes it has served as sub-adviser since the Fund's 2017 inception, highlights a Morningstar five-star rating in 2025, and states it directly beneficially owns 60,000 Common Shares while Lauren Law owns 4,000 Common Shares. The Special Meeting is scheduled for July 30, 2026.
XAI Floating Rate & Alternative Income Trust is asking shareholders to approve a new sub-advisory agreement with Rockford Tower Asset Management, a newly formed, wholly owned subsidiary of King Street Capital Management. King Street is described as a global alternative asset manager with $30.0 billion in assets under management and $12 billion across 20 U.S. and nine European CLOs.
If approved, Octagon Credit Investors will resign and the King Street Sub-Adviser will manage the portfolio while XA Investments remains the primary adviser. The Trust’s investment objective and core 80% allocation to floating-rate and structured credit will stay the same, but the opportunity set will expand to U.S. and European CLO debt and equity, asset-backed securities and European bank loans, with more dynamic asset allocation.
The advisory fee to XA Investments will remain 1.70% of average daily Managed Assets, and the King Street Sub-Adviser will receive 52% of this amount from XA Investments. Reimbursable expenses to the sub-adviser will be capped at 0.07% per year of net assets. The proxy highlights potential benefits such as increased distributions, broader credit exposure and King Street’s institutional platform, while also detailing added risks from European CLOs, currency exposure, higher portfolio turnover, asset-backed securities and CLO warehouse participations. The Board, including independent trustees, unanimously recommends a “FOR” vote.
XAI Octagon Floating Rate & Alternative Income Trust is asking shareholders to approve a new King Street sub-advisory agreement at a Special Meeting on July 30, 2026. If approved, Rockford Tower Asset Management (a King Street subsidiary) will replace Octagon Credit Investors as sub-adviser; XA Investments remains the Trust’s adviser. The Trust’s name will change effective June 8, 2026. The Trust’s 1.70% advisory fee payable to XA Investments will not increase; King Street will receive a sub-advisory fee equal to 52% of that advisory fee. The Board unanimously recommends a FOR vote and set the record date as June 2, 2026.
XAI Octagon Floating Rate & Alternative Income Trust filed a current report to confirm a corporate name change. The trust will be renamed "XAI Floating Rate & Alternative Income Trust", effective June 8, 2026. The filing does not describe any change to its securities, which continue to trade on the NYSE under the symbol XFLT.
XAI Octagon Floating Rate & Alternative Income Trust plans to appoint Rockford Tower Asset Management, an affiliate of King Street Capital Management, as its new investment sub-adviser, subject to shareholder approval. King Street is a large alternative asset manager with more than $30 billion under management, including over $12 billion in U.S. and European CLOs.
XA Investments remains the primary adviser and the Trust’s advisory fee stays at 1.70% of average daily Managed Assets, with no incentive fees. Octagon Credit Investors will resign as sub-adviser around July 30, 2026, when shareholders are expected to vote on the new sub-advisory agreement and a Trust name change to “XAI Floating Rate & Alternative Income Trust.” The Trust’s investment objective and core 80% allocation to floating rate and structured credit instruments are expected to remain unchanged.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed an amendment to a Schedule 13G/A reporting shared beneficial ownership of 637,994 shares of common stock of XAI Octagon Floating Rate & Alternative Income Trust. The filing states this represents 4.2% of the class, using 15,230,884 shares outstanding as of September 30, 2025, adjusted for a reverse stock split on March 20, 2026. The filers state they possess shared voting and dispositive power over the shares held by client accounts and disclaim beneficial ownership pursuant to Rule 13d-4.
XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund will hold a joint annual shareholder meeting on May 7, 2026, to elect Class III Trustees Scott Craven Jones and William T. Meyers for terms running until the 2029 annual meeting.
For XFLT, holders of common and preferred shares vote together; for MCN, only common shareholders vote. The board, including all independent trustees, unanimously recommends voting “FOR” both nominees. Shareholders of record at the close of business on March 27, 2026, are entitled to one vote per share and may vote by mail, telephone, Internet, or in person.
XAI Octagon Floating Rate & Alternative Income Trust vice president John Yogi Spence reported an open-market purchase of 5,000 common shares at $3.90 per share. After this transaction, his directly held stake rose to 561,791.828 common shares, highlighting additional personal capital committed to the trust.
He also reported several indirect ownership positions in the same common shares, including 10,250 shares through XA Investments LLC, 10,591.613 shares held by his spouse, and 16,678.31 shares through XMS Holdings LLC. Footnotes note that portions of these positions were received via the trust’s dividend reinvestment plan.
XAI Octagon Floating Rate & Alternative Income Trust reports that it has redeemed all 1,100,000 shares of its issued and outstanding 6.95% Series II 2029 Convertible Preferred Shares on January 30, 2026. This action, which had been previously announced, removes this series of convertible preferred securities from the Trust’s capital structure.