Business Wire·Jul 27, 2026, 8:30 AM ET

Octagon Calls on Fellow XFLT Shareholders to Vote AGAINST the Appointment of a New Sub-Adviser and Demand a Better Path Forward

Octagon Credit Investors is urging shareholders of XAI Floating Rate & Alternative Income Trust (XFLT) to vote AGAINST the new sub-advisory agreement proposal at the Special Meeting on July 30, 2026.
Octagon, which has served as XFLT's sub-adviser since 2017, opposes the proposal because the Board & XAI have not proposed fee reductions or tender offers to narrow the price-to-NAV discount.
Octagon claims XAI & the Board are prioritizing their own fee interests over shareholder value by avoiding initiatives like fee cuts & a tender offer that would reduce XAI's extracted value.
The current proposal would increase XAI's share of management fees, whereas Octagon's "Better Path Forward" includes lowering fees, simplifying the management structure, & refreshing the Board.
Octagon asserts that the Board & XAI are misrepresenting the vote as an ultimatum between an unproven sub-adviser & continued limbo, while ignoring other viable alternatives.
The letter calls on the Board to accept the Special Meeting outcome without delay or adjournment if the proposal fails to gain approval.
Shareholders who previously voted FOR the proposal may change their vote to AGAINST by submitting a later-dated proxy.
Saratoga Proxy Consulting is acting as Octagon's proxy solicitor, with Sidley Austin LLP providing legal counsel & Spotlight Advisors providing financial advice.