XAI Floating Rate & Alternative Income Trust

XAI Floating Rate & Alternative Income Trust Announces Expiration and Preliminary Results of Voluntary Tender Offer

XFLT's tender offer for up to 1,903,861 common shares (about 12.5% of shares outstanding) expired October 19, 2026, and was oversubscribed. Approximately 7,331,021 shares were validly tendered, so purchases will be prorated at 98% of NAV as of the October 20 close. Final results, including the pro-ration factor, are expected on or about October 21, 2026. The oversubscription is a shareholder-friendly signal, with holders getting liquidity near NAV.

•19d ago

XAI Floating Rate & Alternative Income Trust Announces Commencement of Tender Offer

XAI Floating Rate & Alternative Income Trust (NYSE: XFLT) commenced a tender offer on September 18, 2026 to purchase for cash up to 1,903,861 common shares, approximately 12.5% of the 15,230,884 shares outstanding, at 98% of net asset value per share. The offer expires one minute after 11:59 p.m. ET on October 19, 2026 unless extended. As of September 11, 2026, NAV per share was $22.95 against a market price of $19.52, a 14.95% discount, so the 98%-of-NAV purchase price sits well above the recent market price. The tender offer is the first step in a Board-adopted liquidity plan that contemplates two contingent tender offers at roughly 13 and 25 months, each of which will not occur if the shares close at less than a 15% discount to NAV on 15 of 20 consecutive trading days or if average daily NAV rises by at least $0.25 per share. The offer carries no minimum tender or financing condition, but if more than 1,903,861 shares are tendered, purchases will be made pro rata, so shareholders cannot be assured all of their tendered shares will be accepted.

•1mo ago

XFLT Shareholders Approve the King Street Sub-Advisory Agreement

XFLT shareholders approved the King Street Sub-Advisory Agreement, appointing Rockford Tower Asset Management as the new sub-adviser to oversee portfolio management. The agreement provides the Fund access to King Street's approximately $30 billion credit platform, including a $12 billion CLO business, with Young Choi serving as Portfolio Manager. The Board believes this transition creates a foundation for improved performance, stronger distribution, and long-term shareholder value through a structured liquidity plan.

•2mo ago

XFLT Board Wins Support from Seeking Alpha’s High Dividend Opportunities Investment Research Group Ahead of August 6th Special Meeting

Seeking Alpha's High Dividend Opportunities group has joined ISS and Glass Lewis in recommending XFLT shareholders vote 'FOR' the King Street sub-adviser agreement at the August 6th special meeting. Approval of the agreement triggers a board-proposed liquidity plan, featuring an initial tender offer for 25% of the fund and subsequent contingent tenders at 13 and 25 months. King Street brings $30 billion in assets under management and a $12 billion CLO platform, aiming to improve distributions and performance while managing the fund's market discount.

•3mo ago

XFLT Shareholders: Vote Today to Approve the King Street Sub-Adviser

XFLT is urging shareholders to vote 'FOR' the King Street Sub-Adviser ahead of the August 6 meeting, noting preliminary results show majority support from engaged shares. The transition follows the termination of former sub-adviser Octagon and promises a liquidity plan that includes an initial tender offer for up to 12.5% of shares at 98% of NAV within 45 days. Contingent tender offers for an additional 12.5% of shares are tied to performance hurdles, requiring the fund to either narrow its discount below 15% or achieve specific NAV and distribution targets.

•3mo ago

XFLT Announces August 6th as New Date for Special Meeting of Shareholders to Approve the King Street Sub-Advisory Agreement

XFLT has rescheduled its special shareholder meeting to August 6, 2026, to secure approval for the King Street sub-advisory agreement, confirming that King Street began serving as interim sub-adviser effective immediately on July 30. The Board noted that a majority of votes cast supported the proposal, but abstentions prevented the fund from reaching the required 67% threshold, leading to the meeting extension. Upon approval, the Fund plans to implement a liquidity program featuring an initial tender offer for up to 12.5% of shares at 98% of NAV within 45 days, with additional contingent tenders available if discount and performance targets are not met.

•3mo ago

XFLT Proxy Vote: What Shareholders Need to Know About the Liquidity Plan and Discount Management Programs

XFLT's Board approved a liquidity plan featuring an initial tender offer for up to 12.5% of the Fund's net assets at 98% of NAV, pending shareholder approval of a new sub-advisory agreement with King Street Capital. The plan includes two subsequent contingent tenders for 7.5% and 5% of shares, which will only execute if the fund's discount to NAV remains above 15% or if specific NAV performance targets are not met. Shareholders are urged to vote 'FOR' the King Street Sub-Advisory Agreement on the white proxy card ahead of the July 30 Special Meeting to facilitate the liquidity plan.

•3mo ago

Bulldog Investors Supports Proposal to Approve New Sub-advisory Agreement for XAI Floating Rate & Alternative Income Trust

Bulldog Investors, holding 310,000 shares, announced it will vote to approve the new sub-advisory agreement with Rockford Tower Asset Management for XFLT. The agreement includes opportunities for shareholders to monetize at least a portion of their holdings at a price close to NAV. The special meeting of shareholders to vote on the proposal is scheduled for July 30, 2026.

•3mo ago

XFLT Announces Plan for Initial Tender Offer and Subsequent Liquidity Opportunities for Shareholders

XFLT announced a liquidity plan allowing for the repurchase of up to 25% of outstanding shares through a series of tender offers priced at 98% of net asset value. The plan starts with an initial tender offer for 12.5% of shares, followed by two contingent offers for 7.5% and 5.0% respectively, subject to shareholder approval of a new sub-advisory agreement with King Street Capital Management. The contingent offers will not proceed if the fund's discount to NAV narrows to less than 15% or if specific NAV performance targets are met, aligning shareholder liquidity interests with fund performance.

•3mo ago

XFLT Proxy Vote: What This Shareholder Vote Is Really About

XFLT's board is urging shareholders to vote FOR the appointment of King Street Capital Management as the new sub-adviser at the July 30 special meeting. The board asserts that King Street will enhance performance and distributions without increasing management fees, replacing the terminated Octagon Credit Investors. King Street manages $30 billion in assets globally, including $12 billion in CLO assets, which the board believes aligns well with the Fund's mandate. Approval is required to formalize the agreement; otherwise, King Street will serve only as an interim adviser while the search restarts. The vote presents a choice between approving the new King Street Sub-Advisory Agreement or facing a period of prolonged uncertainty with an interim manager. The board emphasized that voting against the proposal will not result in the reinstatement of Octagon.

•3mo ago

Glass Lewis Joins ISS in Supporting XFLT's Proposal to Approve the King Street Sub-Advisory Agreement Ahead of Special Meeting

Glass Lewis and ISS have joined in recommending XFLT shareholders vote 'FOR' the approval of the King Street sub-advisory agreement, backing the board's decision to replace Octagon. The proxy advisors cited the Trust's sustained relative underperformance under Octagon and highlighted King Street's $30 billion asset base and broader investment capabilities as a superior successor. Shareholders are urged to vote via the WHITE proxy card ahead of the Special Meeting on July 30, 2026, to approve the new agreement and avoid operational disruption.

•3mo ago

Leading Independent Proxy Advisory Firm ISS Agrees That Shareholders Should Vote “FOR” the King Street Sub-Adviser

Institutional Shareholder Services (ISS) has recommended that XFLT shareholders vote “FOR” the proposal to appoint King Street Capital Management as the new sub-adviser at the July 30 special meeting. The ISS opinion supports the Board's view that King Street's broader opportunistic mandate outweighs potential drawbacks and is in the best interests of the trust. Management emphasized that the change avoids the disruption of rejection and positions the fund to potentially enhance distributions and performance over time.

•3mo ago

XFLT Outlines Numerous Benefits of the King Street Sub-Adviser Proposal to Shareholders Ahead of Upcoming Proxy Vote

XFLT's investment manager urged shareholders to vote 'FOR' the proposed sub-advisory agreement with a subsidiary of King Street Capital Management ahead of the July 30 special meeting. The proposal highlights potential benefits including increased distributions, improved long-term performance and expanded investment opportunities in global credit markets, all with no fee increase to shareholders. King Street is described as a qualified manager with a 30-year track record and approximately $30 billion in assets under management across public and private markets.

•3mo ago

XA Investments President Kimbery Flynn Speaks to Shareholders About XFLT Proxy Vote

XA Investments President Kimberly Flynn is urging XFLT shareholders to vote 'FOR' the King Street Sub-Advisory Agreement at the upcoming Special Meeting on July 30, 2026. The proposal highlights potential benefits such as increased distributions and improved performance, leveraging King Street's institutional track record managing $30 billion in assets. Shareholders are encouraged to vote using the WHITE proxy card via internet, phone, or mail before the deadline.

•3mo ago

The XFLT Proxy Contest: What XFLT Shareholders Need to Know

XFLT's manager XA Investments is urging shareholders to vote FOR the King Street sub-advisory agreement at the July 30 Special Meeting to replace the terminated Octagon. The Board cited Octagon's persistent underperformance, noting a 54% decline in NAV per share ($406.7 million erosion) and a 19.09% underperformance versus the benchmark over one year. King Street, managing $30 billion in assets including $12 billion in CLOs, is expected to enhance performance and distributions without increasing the current 1.7% management fee.

•3mo ago

XFLT Sets the Record Straight on Benefits of the Sub-Adviser Proposal

XA Investments, manager of XFLT, is urging shareholders to vote 'FOR' the new sub-advisory agreement with King Street Capital Management at the July 30, 2026 special meeting to replace the terminated Octagon Credit Investors. The Board justified the termination of Octagon by citing its poor track record, specifically a 54% reduction in the Fund's NAV since inception and seven CLO defaults in Octagon's separate portfolio this year. Management argues that transitioning to King Street, which manages $30 billion in assets, will enhance the Fund's potential for increased distributions and improved performance without increasing fees.

•3mo ago