XAI Octagon Floating Rate & Alternative Income Term Trust
XFLT
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ROIC.AI
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- XAI Octagon Floating Rate & Alternative Income Term Trust (NYSE: XFLT) is a diversified, closed-end management investment company that seeks attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust invests in a dynamically managed portfolio primarily within private credit markets, including floating-rate credit instruments such as senior secured loans, collateralized loan obligations (CLOs) comprising debt tranches and subordinated notes (CLO equity), below investment grade high yield securities or junk bonds, and other structured credit investments; it employs leverage through borrowings, preferred shares including Series 2026 Term Preferred Shares, and derivatives not exceeding 40% of managed assets to enhance returns. XA Investments LLC serves as investment adviser, with Octagon Credit Investors, LLC acting as sub-adviser for portfolio management. Founded in 2017 and headquartered in Chicago, Illinois, at 321 North Clark Street, the Trust trades on the New York Stock Exchange and targets institutional and retail investors seeking high monthly income potential from actively managed, diversified floating-rate securities amid loan and CLO market opportunities. It operates principally in U.S. markets, focusing on private below investment grade credit opportunities issued by unrated or lower-rated companies. In recent developments, shareholders approved a new sub-advisory agreement with Octagon in January 2024, ensuring continuity following the acquisition of Octagon's parent, Conning Holdings Limited, by Generali Group during the first half of 2024, which aims to provide growth and scale efficiencies as a perpetual fund. In Q3 2025, the Trust issued new institutional preferred securities in October 2025 to reduce leverage expenses, while actively managing its CLO equity portfolio, emphasizing CLO debt, BB mezzanine tranches, and single B-rated loans that outperformed broader markets. These strategic shifts support ongoing portfolio optimization and monthly common share distributions, such as the $0.070 per share declared in December 2025.