Sit Amends 13G/A: Reports 637,994 Shares (4.2%)

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.

Rhea-AI Filing Summary

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.

Insights

Institutional Ownership Analyst

Amendment restates institutional holdings of 637,994 shares (4.2%).

The amendment to Schedule 13G/A records that Sit Investment Associates and its subsidiary Sit Fixed Income Advisors II report shared voting and dispositive power over 637,994 shares, reflecting 4.2% of the outstanding common stock as calculated from September 30, 2025 outstanding shares and adjusted for a March 20, 2026 reverse split.

They disclaim beneficial ownership under Rule 13d-4 and attribute the holdings to client accounts they manage. This filing is routine reporting by investment advisers showing passive/investment-advisory control rather than proprietary ownership; cash-flow treatment and trading intentions are not disclosed in the excerpt.

Key Figures

Shares reported: 637,994 shares Percent of class: 4.2% Shares outstanding: 15,230,884 shares +2 more

5 metrics

Shares reported 637,994 shares Amount beneficially owned reported on amendment

Percent of class 4.2% Percent of common stock based on stated outstanding shares

Shares outstanding 15,230,884 shares Outstanding as of September 30, 2025 (adjusted for reverse split March 20, 2026)

Sole voting power 0.00 shares Sole voting power reported for the filers

Shared voting/dispositive power 637,994 shares Shared voting and dispositive power over the reported shares

Key Terms

Schedule 13G/A, Rule 13d-4, shared dispositive power, reverse stock split

4 terms

Schedule 13G/A regulatory

"filed an amendment to a Schedule 13G/A reporting shared beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Rule 13d-4 regulatory

"Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934"

shared dispositive power financial

"Shared Dispositive Power 637,994.00"

reverse stock split market

"adjusted for the Issuer's reverse stock split on March 20, 2026"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

FAQ

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

What does the XFLT Schedule 13G/A amendment disclose?

It discloses shared beneficial ownership of 637,994 shares by Sit advisers, representing 4.2% of the class, based on 15,230,884 shares outstanding as of September 30, 2025 adjusted for a March 20, 2026 reverse split.

Who reports the holdings for XAI Octagon Floating Rate & Alternative Income Trust?

The holdings are reported by Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, investment advisers that state shared voting and dispositive power over client accounts holding the shares.

Does Sit claim direct beneficial ownership of the XFLT shares?

No. The filing states the shares are owned by client accounts and the filers specifically disclaim beneficial ownership pursuant to Rule 13d-4, attributing power as investment advisers.

What is the ownership percentage and how was it calculated?

The filing reports 4.2% ownership, calculated using 15,230,884 shares outstanding as of September 30, 2025 and adjusted for the issuer's reverse stock split on March 20, 2026, as stated in the amendment.

Are voting and dispositive powers held solely by Sit?

No. The amendment shows 0 sole voting power and 637,994 shared voting and dispositive power, indicating shared control over the client-owned shares.

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

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Accepted by SEC EDGAR 05/05/2026 - 04:45 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

XAI Octagon Floating Rate & Alternative Income Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

98400T106

(CUSIP Number)

04/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 98400T106

1

Names of Reporting Persons

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 637,994.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 637,994.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

637,994.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 98400T106

1

Names of Reporting Persons

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 637,994.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 637,994.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

637,994.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: XAI Octagon Floating Rate & Alternative Income Trust
(b)	Address of issuer's principal executive offices: 321 North Clark Street, Suite 2430, Chicago, Illinois 60654
Item 2.
(a)	Name of person filing: Sit Investment Associates, Inc. Sit Fixed Income Advisors II, LLC
(b)	Address or principal business office or, if none, residence: c/o Sit Investment Associates, Inc. 80 South Eighth Street, Suite 3300 Minneapolis, MN 55402
(c)	Citizenship: Sit Investment Associates, Inc. Minnesota Corporation Sit Fixed Income Advisors II, LLC Delaware LLC
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 98400T106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to item 9 on each cover page.
(b)	Percent of class: See response to item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to item 8 on each cover page. The ownership percentages reported are based on 15,230,884 shares of common stock outstanding as of September 30, 2025, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission, and adjusted for the Issuer's reverse stock split on March 20, 2026.. Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA. SIA and SFI provide investment management services to client accounts ("Accounts"). In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts. All securities reported in this schedule 13G are owned by the Accounts. Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	05/05/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Paul E. Rasmussen
Name/Title:	Paul Rasmussen / Vice President
Date:	05/05/2026