XFLT - XAI Floating Rate & Alternative Income Trust

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed Oct 21, 2026), the fund bought about 26 of every 100 shares offered, so holders who took part got only part of what they offered. Results of the last buy-back →

1. Oct 21, 2026

   The buy-back ended; the fund paid $21.0602 a share.

   Original document →

2. Oct 20, 2026

   The buy-back ended.

   Original document →

3. Sept 18, 2026

   The fund offered to buy back 7.5% of its shares at 98% of value, until Oct 19, 2026.

   Original document →

4. July 30, 2026

   Octagon Credit Investors, LLC started a fight over the shareholder vote. The meeting is on Aug 6, 2026.

   Original document →

5. July 28, 2026

   Octagon Credit Investors, LLC started a fight over the shareholder vote. The meeting is on Aug 6, 2026.

   Original document →

About this fund

• Run by XA Investments LLC. Part of the The XAI Funds fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $349 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 42% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 29% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 2.9% a year in management fees; 8% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 11 funds we follow that invest in bank loans, 10 charge a lower management fee and 10 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Sept 30, 2025) the fund paid $0.91 a share. $0.88 of that was income; $0.03 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $5.85. The shares traded at $5.30, about 9.4% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2017.

How this has changed

• Payouts per share: $0.91 in the fiscal year ended Sept 30, 2025; $1.02 in the year ended Sept 30, 2024; $0.94 in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.03 in the year ended Sept 30, 2025; $0.24 in the year ended Sept 30, 2024; none in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 7.56% a year in the fiscal year ended Sept 30, 2025; 8.33% a year in the year ended Sept 30, 2024; 8.49% a year in the year ended Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $445 million at Sept 30, 2025; $459 million at Sept 30, 2024; $298 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: about 40% on top of its own money at Sept 30, 2025; 43% at Sept 30, 2024; 45% at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2025 →, Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 76.1 million shares at Sept 30, 2025, up 70.2% from Sept 30, 2023.As of Sept 30, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2025: the shares returned -9.7%, counting payouts; the holdings +2.1%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Sept 30, 2025, from the fund's annual report. Original document →
• The year ended Sept 30, 2024: the shares returned +13.8%, counting payouts; the holdings +15.3%. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned +35.1%, counting payouts; the holdings +20.5%. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -22.5%, counting payouts; the holdings -12.6%. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +59.6%, counting payouts; the holdings +39.1%. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +71.8%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $17,200 by Sept 30, 2025, with every payout counted, before tax. As of Sept 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: -26.5%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 6 funds that invest in bank loans with a fiscal year ending within six months of this one, 4 reported a higher share return for that year and 1 a lower one. As of Sept 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly loans (43%), the rest asset-backed bonds and cash and short-term holdings. About 43% issued in the U.S.

1. RR Ltd - 3.7%
2. CIFC Funding - 3.6%
3. Cash and short-term - 3.5%
4. Apidos CLO - 3%
5. Neuberger Berman CLO - 2.6%
6. Ticp 2020-15A Sub - 2.2%
7. Kennedy Lewis CLO - 2.1%
8. Sixth Street CLO LTD. - 2.1%
9. OHA Credit Partners, Oakc 2015-12A Sub - 1.9%
10. Cgms 2019-4A Suba - 1.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →