Octagon Opposes the Proposed Appointment of Rockford Tower Asset Management as XFLT’s Sub-Adviser

Octagon Opposes the Proposed Appointment of Rockford Tower Asset Management as XFLT’s Sub-Adviser

Intends to File Preliminary Proxy Statement in Connection with XFLT’s Upcoming Special Meeting

Urges XFLT Shareholders to Disregard and Discard Any Proxy Materials They Receive From XFLT and Refrain From Voting Until Octagon’s Proxy Materials Are Available

Octagon Credit Investors, LLC (“Octagon”), a leading credit-focused asset manager, today announced that it intends to file a preliminary proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) and has issued an open letter to shareholders of the Fund in connection with the upcoming special meeting of shareholders of XAI Floating Rate & Alternative Income Trust (formerly, XAI Octagon Floating Rate & Alternative Income Trust) (the “Fund” or “XFLT”), which is scheduled to be held on July 30, 2026 (the “Special Meeting”).

At the Special Meeting, XFLT is seeking shareholder approval of a new investment sub-advisory agreement pursuant to which Rockford Tower Asset Management, L.L.C. (“Rockford Tower”), a newly formed wholly owned subsidiary of King Street Capital Management, L.P. (“King Street”), would replace Octagon as the Fund’s investment sub-adviser.