XAI Octagon Floating Rate & Alternative Income Trust (the
“Trust”) has declared its regular monthly distribution of $0.085
per share on the Trust’s common shares (NYSE: XFLT), payable on
December 2, 2024, to common shareholders of record as of November
15, 2024, as noted below. The amount of the distribution represents
no change from the previous month's distribution amount of $0.085
per share.
The following dates apply to the declaration:
Ex-Dividend Date
November 15, 2024
Record Date
November 15, 2024
Payable Date
December 2, 2024
Amount
$0.085 per common share
Change from Previous Month
No change
Common share distributions may be paid from net investment
income (regular interest and dividends), capital gains and/or a
return of capital. The specific tax characteristics of the
distributions will be reported to the Trust’s common shareholders
on Form 1099 after the end of the 2024 calendar year. Shareholders
should not assume that the source of a distribution from the Trust
is net income or profit. For further information regarding the
Trust’s distributions, please visit
www.xainvestments.com.
The Trust’s net investment income and capital gain can vary
significantly over time; however, the Trust seeks to maintain more
stable common share monthly distributions over time. The Trust’s
investments in CLOs are subject to complex tax rules and the
calculation of taxable income attributed to an investment in CLO
subordinated notes can be dramatically different from the
calculation of income for financial reporting purposes under
accounting principles generally accepted in the United States
(“U.S. GAAP”), and, as a result, there may be significant
differences between the Trust’s GAAP income and its taxable income.
The Trust’s final taxable income for the current fiscal year will
not be known until the Trust’s tax returns are filed.
As a registered investment company, the Trust is subject to a 4%
excise tax that is imposed if the Trust does not distribute to
common shareholders by the end of any calendar year at least the
sum of (i) 98% of its ordinary income (not taking into account any
capital gain or loss) for the calendar year and (ii) 98.2% of its
capital gain in excess of its capital loss (adjusted for certain
ordinary losses) for a one-year period generally ending on October
31 of the calendar year (unless an election is made to use the
Trust’s fiscal year). In certain circumstances, the Trust may elect
to retain income or capital gain to the extent that the Board of
Trustees, in consultation with Trust management, determines it to
be in the interest of shareholders to do so.
The common share distributions paid by the Trust for any
particular period may be more than the amount of net investment
income from that period. As a result, all or a portion of a
distribution may be a return of capital, which is in effect a
partial return of the amount a common shareholder invested in the
Trust, up to the amount of the common shareholder’s tax basis in
their common shares, which would reduce such tax basis. Although a
return of capital may not be taxable, it will generally increase
the common shareholder’s potential gain, or reduce the common
shareholder’s potential loss, on any subsequent sale or other
disposition of common shares.
The distribution shall be paid on the Payment Date unless the
payment of such distribution is deferred by the Board of Trustees
upon a determination that such deferral is required in order to
comply with applicable law to ensure that the Trust remains solvent
and able to pay its debts as they become due and continue as a
going concern, or to comply with the applicable terms or financial
covenants of the Trust’s senior securities.
Future common share distributions will be made if and when
declared by the Trust’s Board of Trustees, based on a consideration
of number of factors, including the Trust’s continued compliance
with terms and financial covenants of its senior securities, the
Trust’s net investment income, financial performance and available
cash. There can be no assurance that the amount or timing of common
share distributions in the future will be equal or similar to that
described herein or that the Board of Trustees will not decide to
suspend or discontinue the payment of common share distributions in
the future.
The investment objective of the Trust is to seek attractive
total return with an emphasis on income generation across multiple
stages of the credit cycle. The Trust seeks to achieve its
investment objective by investing in a dynamically managed
portfolio of opportunities primarily within the private credit
markets. Under normal market conditions, the Trust will invest at
least 80% of its Managed Assets in floating rate credit instruments
and other structured credit investments. There can be no assurance
that the Trust will achieve its investment objective.
The Trust’s common shares are traded on the New York Stock
Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026
Term Preferred Shares are traded on the New York Stock Exchange
under the symbol “XFLTPRA”.
About XA Investments
XA Investments LLC (“XAI”) serves as the Trust’s investment
adviser. XAI is a Chicago-based firm founded by XMS Capital
Partners in April, 2016. In addition to investment advisory
services, the firm also provides investment fund structuring and
consulting services focused on registered closed-end funds to meet
institutional client needs. XAI offers custom product build and
consulting services, including development and market research,
sales, marketing, fund management and administration. XAI believes
that the investing public can benefit from new vehicles to access a
broad range of alternative investment strategies and managers. XAI
provides individual investors with access to institutional-caliber
alternative managers. For more information, please visit
www.xainvestments.com.
About XMS Capital Partners
XMS Capital Partners, LLC, established in 2006, is a global,
independent, financial services firm providing M&A, corporate
advisory and asset management services to clients. It has offices
in Chicago, Boston and London. For more information, please visit
www.xmscapital.com.
About Octagon Credit Investors
Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s
investment sub-adviser. Octagon is a 25+ year old, $33.4B
below-investment grade corporate credit investment adviser focused
on leveraged loan, high yield bond and structured credit (CLO debt
and equity) investments. Through fundamental credit analysis and
active portfolio management, Octagon’s investment team identifies
attractive relative value opportunities across below-investment
grade asset classes, sectors and issuers. Octagon’s investment
philosophy and methodology encourage and rely upon dynamic internal
communication to manage portfolio risk. Over its history, the firm
has applied a disciplined, repeatable and scalable approach in its
effort to generate attractive risk-adjusted returns for its
investors. For more information, please visit
www.octagoncredit.com.
XAI does not provide tax advice; please consult a professional
tax advisor regarding your specific tax situation. Income may be
subject to state and local taxes, as well as the federal
alternative minimum tax.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Trust
carefully before investing. For more information on the Trust,
please visit the Trust’s webpage at
www.xainvestments.com.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
Paralel Distributors, LLC - Distributor
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version on businesswire.com: https://www.businesswire.com/news/home/20241101535596/en/
Media Contact: Kimberly Flynn, President XA Investments
LLC Phone: 888-903-3358 Email: KFlynn@XAInvestments.com
www.xainvestments.com
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