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XA Investments LLC (“XAI”) SUBSCRIPTION SERVICE TERMS AND CONDITIONS

These XAI Subscription Service Terms and Conditions (the “Terms”) together with the applicable subscription order form or invoice (the “Order Form”, collectively with the Terms, the “Agreement”), set forth the terms and conditions governing the access to and use of the Service by the licensee entity set forth in the Order Form (the “Licensee”). The term “Service” means certain compiled data, content, and information, documentation, and functionality provided by XAI to Licensee through a subscription service and further described in the Order Form. The term “Order Form” includes any electronic order form made available to Licensee by XAI for the Service.

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XAI Floating Rate & Alternative Income Trust (XFLT)

Fact SheetKing Street OverviewAnnual ReportSemi Annual ReportProspectus

As of (08/07/2026)

Closing Price

$18.95

Closing NAV

$22.78

Premium/Discount

(16.81%)

Current Distribution Rate1

14.25%

Fund Overview

The Trust invests in a dynamically managed portfolio of floating-rate credit instruments and other structured credit investments within the private markets. Under normal market conditions, the Trust will invest at least 80% of managed assets in senior secured loans, CLO debt and CLO equity.

Objective

Seeks attractive total return with an emphasis on income generation across multiple stages of the credit cycle. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Adviser

XA Investments LLC

Sub-Adviser

Rockford Tower Asset Management, L.L.C.

A wholly owned subsidiary of King Street Capital Management, L.P.

Snapshot (as of 08/07/2026)

Closing Price $18.95
Closing NAV $22.78
Premium/Discount -16.81%
Current Distribution Rate1 14.25%
Tax Reporting 1099 tax form
CUSIP 98400T304
Ticker XFLT
NAV Ticker XFLTX
Shares Outstanding 15,230,884.00
Total Common Assets $347,009,019.82
Total Managed Assets $567,009,019.82
Leverage Ratio2 38.80%

Inception Date

9/26/2017

Inception Price

$10.00

Inception NAV

$9.78

Distribution Frequency

Monthly

Footnotes are listed at the bottom of the page.

Management

Rockford Tower Asset Management

Rockford Tower Asset Management, L.L.C. is a wholly owned subsidiary of King Street Capital Management, L.P. (“King Street”) and an affiliate of Rockford Tower Capital Management (“Rockford Tower”). King Street is a leading global alternative asset manager with $30 billion in assets under management as of 6/30/2026 and has a 30+ year track record investing across public and private credit markets. Rockford Tower, King Street’s dedicated CLO, CBO and SMA platform, was formed in 2017. Rockford Tower has over $13 billion of assets under management as of 6/30/2026 across 19 U.S. CLOs and 10 European CLOs, one CBO transaction and one SMA. In addition, Rockford Tower has traded over $99 billion of loans as of 12/31/2025.

About Rockford Tower

Rockford Tower employs a dynamic, integrated one-team approach, investing across asset classes, sectors, and geographies with a focus on identifying dislocations and executing with conviction. The firm operates with a continuous emphasis on downside protection and maintaining uncorrelated risk/reward opportunities for investors.

Team

Rockford Tower benefits from King Street’s broader platform, which includes more than 240 employees across eight offices, including over 80 investment professionals. The firm’s seven partners average 29 years of industry experience, providing significant depth across its public and private credit capabilities.

Portfolio Management

The Rockford Tower portfolio management team dynamically manages the Trust’s portfolio based on its evolving credit market outlook. The team applies a flexible approach across public and private markets while seeking to identify attractive opportunities throughout the capital structure.

  • Seeks to capitalize on market dislocations and relative-value opportunities
  • Employs flexible capital deployment across asset classes and the capital structure
  • Focuses on downside protection and attractive risk-adjusted returns

The Trust’s investment portfolio is comprised largely of floating-rate credit instruments and other structured credit investments, which XAI and Rockford Tower expect to perform well in a rising interest rate environment. The Trust’s assets are managed opportunistically primarily within private below investment grade credit markets* including:

  • Senior secured floating-rate loans;
  • Structured credit (CLO debt and CLO equity);
  • Opportunistic credit (long/short Credit investments and stressed credits).

*The Trust currently intends to invest primarily in below investment grade credit instruments but may invest without limitation in investment grade credit instruments. Credit instruments are considered below investment grade quality if rated below Baa3- by Moody’s or below BBB- by S&P or Fitch or, if unrated, judged to be below investment grade quality by Rockford Tower.

Rockford Tower is focused on active management and risk management over market cycles. Rockford Tower shares King Street’s investment philosophy across characteristics:

  • Emphasis on capital preservation and downside protection
  • Seek to maintain a diversified and conservative risk profile
  • Focus on par build as a core objective, which we believe benefits both debt and equity investors
  • Prioritize active risk management and portfolio optimization, constantly seeking to improve and enhance the credit quality and overall risk profile over time
  • Flexible, positioning portfolios to navigate volatile markets, which may put the Trust in a strong position to capitalize on market dislocations as they occur
Young Choi

Young Choi

Partner, Portfolio Manager

Mr. Choi is a Partner and the Global Head of Trading at King Street and the Portfolio Manager of Rockford Tower Capital Management. He is based in New York and is a member of the Management Committee, Global Investment Committee, U.S. and European CLO Investment Committees, Risk Committee and Pricing Committee.

Prior to joining King Street in 2006, Mr. Choi worked at Citadel Investment Group as a Credit Analyst in the Distressed/High Yield Group and was Portfolio Manager of the firm’s $2 billion U.S. leveraged loan and CLO portfolio. Prior to that, Mr. Choi consulted at Bain & Co.

Mr. Choi received a B.A. summa cum laude in Economics and a B.S.E. in Electrical Engineering from Duke University.

Terry Ing

Terry Ing

Partner, Portfolio Manager

Mr. Ing is a Partner and Portfolio Manager for Rockford Tower’s long-only credit SMA platform and Head of U.S. Research. He splits his time between the Menlo Park and New York offices. He is a member of the Management Committee, US CLO Investment Committee, Conflicts Committee and Responsible Investment Committee.

Prior to joining King Street in 2024, Mr. Ing worked at KKR as a Portfolio Manager and Head of their U.S. Leveraged Credit Research and was a member of the Leverage Credit Investment Committee. Before joining KKR, he was an Executive Vice President and Portfolio Manager at PIMCO, where he focused on the credit hedge fund.

Mr. Ing was an adjunct professor at Pepperdine University’s Graziadio Business School and serves on the Board of Directors of the REDF Impact Investing Fund, a non-profit certified Community Development Financial Institution (CDFI).

Mr. Ing received a B.S. in Business Administration from the University of Southern California and an M.A. in Mathematics of Finance from Columbia University.

Performance

Total returns (as of 07/31/2026)3

1M 3M 6M YTD 1Y 3Y 5Y Since Inception
PRICE8.46%4.74%-8.79%-13.51%-20.26%-4.03%-2.95%1.49%
NAV-0.08%1.36%-4.74%-6.51%-12.28%3.03%2.70%3.89%
Benchmark1.15%1.20%2.18%1.57%4.68%7.63%6.22%5.27%
← Swipe to see additional data →

“Price” is based on the closing prices of XFLT on the NYSE at the end of trading on the last trading day of each period. “Benchmark” is the Morningstar LSTA Leveraged Loan 100 Index, which is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the data shown. Returns assume reinvestment of distributions, and NAV returns are net of fund expenses. See “Risks” at the bottom of this page.

Portfolio Composition

Asset allocation (% as of 05/31/2026)

Asset Allocations are measured as a percentage of the Trust’s total investments as of . Allocations are not GAAP adjusted and may vary and are subject to change without notice. The total may not equal 100% due to rounding.

Trust shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. For more detailed information on the specific risks associated with the Trust, please see the "Risks" section of the Trust's Prospectus here.

Fund Characteristics (% as of 05/31/2026)

Number of Holdings 513
Average bond price as a percentage of par 78.01%
Effective maturity 7.61 years

Fund Characteristics are as of , may vary and are subject to change without notice.

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. For more detailed information on the specific risks associated with the Trust, please see the "Risks" section of the Trust's Prospectus here.

Top Ten Portfolio Holdings (as of 05/31/2026)

View All Holdings

Holding% Portfolio
RR 19 Ltd.1.36%
TICP CLO XV Ltd.1.31%
OCP CLO 2024-36, Ltd.1.03%
Regatta XIX Funding Ltd.0.99%
Oaktree CLO 2022-3 Ltd.0.97%
Holding% Portfolio
Neuberger Berman Loan Advisers CLO 47 Ltd.0.88%
Apidos CLO XLVIII Ltd.0.88%
OHA Credit Partners XII Ltd.0.87%
Apidos CLO XLIX Ltd0.86%
CIFC Funding 2021-V Ltd.0.86%
Top 10 Total10.01%

Holdings are measured as a percentage of the funds Total Investments as of . Holdings are not GAAP adjusted and may vary and are subject to change without notice.

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. For more detailed information on the specific risks associated with the Trust, please see the "Risks" section of the Trust's Prospectus here.

Maturity breakdown (as of 05/31/2026)

Maturities are as of , may vary and are subject to change without notice.

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be higher or lower than the data shown.

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing. For more detailed information on the specific risks associated with the Trust, please see the "Risks" section of the Trust's Prospectus here.

Distributions & IR

Common share distributions

Payable Date Record Date Ex-Date Declaration Date Amount Distribution Type
Loading...
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Frequently Asked Questions

What is XAI Floating Rate & Alternative Income Trust (XFLT)?

XAI Floating Rate & Alternative Income Trust (the “Trust”) is a diversified, closed-end management investment company. The Trust 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 of floating-rate credit instruments and other structured credit investments within the private markets. Under normal market conditions, the Trust will invest at least 80% of managed assets in floating rate credit instruments, including senior secured loans, CLO debt and CLO equity. The Trust’s common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “XFLT”.

Who is XA Investments (XAI)?

XAI is a Chicago-based firm founded by XMS Capital Partners in April 2016. 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. XAI partners with established asset managers with proven capabilities in alternative credit, private debt and select hedge fund strategies. For more information, please visit www.xainvestments.com or click here to read the firm brochure.

Who is XMS Capital Partners (XMS)?

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.

Where can I find information about the Trust’s share price and net asset value (NAV)?

The Trust’s full share price and NAV history can be found on the XFLT webpage under “Pricing & fees.”

Does the Trust pay distributions?

The Trust intends to pay substantially all of its net investment income, if any, to common shareholders through monthly distributions, and any net realized long-term capital gains at least annually. There is no assurance the Trust will continue to make regular monthly distributions or that it will do so at a particular rate. Distributions may be paid by the Trust from any permitted source and, from time to time, all or a portion of a distribution may be a return of capital.

Does the Trust have a dividend reinvestment plan (DRIP)?

Yes. Distributions with respect to Common Shares registered in the name of a broker-dealer or other nominee (that is, in “street name”) will be reinvested in additional Common Shares under the dividend reinvestment plan (DRIP), unless the broker or nominee does not participate in the DRIP or the Common Shareholder elects to receive distributions in cash. Investors who own Common Shares registered in street name should consult their broker-dealers for details regarding reinvestment. All distributions to investors who do not participate in the DRIP will be paid by check mailed directly to the record holder by DST Systems, Inc., as dividend disbursing agent. A participant in the DRIP who wishes to opt out of the DRIP and elect to receive distributions in cash should contact DST Systems, Inc. in writing at the address specified below or by calling the telephone number specified below.

All correspondence concerning the DRIP should be directed to the DRIP Agent, DST Systems, Inc., 430 W. 7th Street, Kansas City, Missouri 64105-1594.

For more information on the DRIP program, please refer to our annual report.

What is the distribution payment process and will my dividend post in my investment account on the same day every month?

On the distribution payment date, the Trust funds the distribution to shareholders who do not participate in the Trust’s dividend reinvestment plan (see “Does the Trust have a dividend reinvestment plan (DRIP)” for more information). Such cash distributions are made via check mailed directly to the record holder by DST Systems, Inc. (“DST”), as the Trust’s distribution disbursing agent. The record holder, often a Common Shareholder’s broker-dealer or other nominee (“street name” holder), will allocate the cash distributions to its shareholder accounts, or process reinvestment transactions, per its client instructions. Processing times at various record holders may vary depending on each firm’s internal processes. Depending on your firm’s processes, the Trust’s distribution may or may not be posted in your account on the same day every month. Delays processing distributions may occur at your record holder/brokerage firm that are outside of the Trust’s control.

How do I know if I am a registered stockholder?

A registered stockholder is one who holds shares directly with the Trust. If shares were purchased through a broker, the shares may be registered in the name of the broker (held in “street name”) instead of being registered in the name of the beneficial owner. Individual stockholders whose shares are held in street name should contact their broker for more information on their participation in the DRIP.

Are distributions taxable to shareholders?

Distributions are generally taxable for stockholders as ordinary income and/or capital gain. The Trust will send each of its U.S. registered stockholders an annual Form 1099 after the calendar year end. Form 1099 details the amounts includible in a U.S. stockholder's taxable income for the year and the source(s) of such income.

How can I receive email alerts from XAI?

To sign up for email alerts regarding our monthly CEF newsletter, press releases, SEC filings, white papers and webinars, please fill out the form at the bottom of the webpage or contact info@xainvestments.com.

Pricing & fees

Share price and NAV history ()4

Pricing history

Date
Share Price
NAV
Premium / Discount
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Premium / Discount Information ()

Share Price (as of 08/07/2026)

DATE CLOSING PRICE($)
High 09/15/2025 $28.50
Low 03/18/2026 $15.50

NAV (as of 08/07/2026)

DATE CLOSING NAV($)
High 08/11/2025 $30.20
Low 03/16/2026 $22.00
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Premium / Discount (as of 08/07/2026)

DATE PREMIUM/DISCOUNT
High 09/15/2025 -3.88%
Low 03/09/2026 -30.73%

IPO information

Date 09/27/2017
Price $10.00
NAV $9.78
NAV ticker XFLTX
CUSIP 98400T106
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ANNUAL EXPENSES (as of 06/30/2026) AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO COMMON SHARESa AS A PERCENTAGE OF MANAGED ASSETS
Management fees2.83%1.70%
Leverage expenseb4.11%2.47%
Other expenses  
Investor support and secondary market support services fee0.33%0.20%
Other0.57%0.34%
Total annual expense7.84%4.71%
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Expenses shown in the table are based on actual expenses of the Trust for the nine months ended , and the Trust’s average managed assets and average net assets for the nine months ended . Common shareholders bear the expenses of the Trust, including the management fee, which is calculated on the basis of the Trust’s managed assets, including proceeds from leverage, and the cost of leverage, as shown in the column “As a Percentage of Net Assets Attributable to Common Shares” above. As of 06/30/2026, the Trust had outstanding leverage equal to 39.73% of the Trust’s managed assets. See the Trust’s Annual Report for full information on expenses.

aCommon shareholders will pay the expenses set forth in this column.

bRepresents both interest expense on borrowed funds and preferred dividends.

Risks

An investment in the Trust is subject to investment risk, including the possible loss of your entire investment. There can be no assurance that the Trust’s objectives will be achieved. The Trust is a diversified, closed-end management investment company. Shares of closed-end management investment companies frequently trade at a discount from their net asset value, which is a risk separate and distinct from the risk that the fund's net asset value could decrease as a result of its investment activities. The Trust intends to invest primarily in below investment grade instruments, which are commonly referred to as “high yield” securities or “junk” bonds. Investments in below investment grade securities are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and such issuers are not perceived as strong financially as those with higher credit ratings. The Trust intends to invest a significant portion of its assets in CLO debt and subordinated notes, which often involve risks that are different from or more acute than risks associated with other types of credit instruments. Investors should see the "Risks" section in the Trust’s most recent Prospectus or Annual Report on Form N-CSR for a detailed discussion of factors investors should consider carefully before deciding to invest in the Trust’s Shares.

Distributions: The Trust intends to pay substantially all of its distributions from net investment capital. However, the Trust may pay any distributions from any permitted source and, from time to time, all or a portion of a distribution maybe a return of capital and capital gains. Distributions are not guaranteed in frequency or amount.

The Trust uses leverage to seek to enhance total return and income. The Trust may use leverage through (i) the issuance of senior securities representing indebtedness, including through borrowing from financial institutions or issuance of debt securities, including notes or commercial paper (collectively, “Indebtedness”), (ii) the issuance of preferred shares (“Preferred Shares”) and/or (iii) reverse repurchase agreements, securities lending, short sales or derivatives, such as swaps, futures or forward contracts, that have the effect of leverage (“portfolio leverage”).

Shares of closed‐end management investment companies frequently trade at a discount from their net asset value, which is a risk separate and distinct from the risk that the Trust’s net asset value could decrease as a result of its investment activities.

The Trust may engage in certain derivatives transactions that have economic characteristics similar to leverage. The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

The Trust has entered into a revolving credit facility and any borrowings through the credit facility are secured by eligible securities held in the Trust’s portfolio of investments. The Trust has also issued Series A Mandatory Redeemable Preferred Shares, which are senior securities that constitute shares of beneficial interest of the Trust. The Series A Mandatory Redeemable Preferred Shares rank senior to the Trust’s Common Shares in priority of payment of dividends and as to the distribution of assets upon dissolution, liquidation or winding up of the Trust’s affairs; equal in priority with all other future series of Preferred Shares the Trust may issue as to priority of payment of dividends and as to distributions of assets upon dissolution, liquidation or the winding-up of the Trust’s affairs; and subordinate in right of payment to amounts owed under the Trust’s existing credit facility, and to the holder of any future senior indebtedness, which may be issued without the vote or consent of Preferred Shareholders.

The use of leverage is a speculative technique that involves special risks. The Trust currently anticipates utilizing leverage to seek to enhance total return and income. There can be no assurance that the Advisor’s and the Sub-Adviser’s expectations will be realized or that a leveraging strategy will be successful in any particular time period. Use of leverage creates an opportunity for increased income and capital appreciation but, at the same time, creates special risks. Leverage is a speculative technique that exposes the Trust to greater risk and increased costs than if it were not implemented. The more leverage that is utilized by the Trust, the more exposed the Trust will be to the risks of leverage. The use of leverage by the Trust causes the net asset value of the common shares to fluctuate significantly in response to changes in interest rates and other economic indicators. As a result, the net asset value, market price and dividend rate of the common shares is likely to be more volatile than those of a fund that is not exposed to leverage. Leverage increases operating costs, which may reduce total return. The Trust pays interest on its borrowings, which may reduce the Trust’s return. Increases in interest rates that the Trust must pay on its borrowings will increase the cost of leverage and may reduce the return to common shareholders. The risk of increases in interest rates may be greater in the current market environment because interest rates are near historically low levels. During the time in which the Trust is utilizing leverage, the amount of the investment advisory fee paid by the Trust will be higher than if the Trust did not utilize leverage because the fees paid will be calculated based on the Trust’s Managed Assets, including proceeds of leverage. Common shareholders bear the portion of the management fee attributable to assets purchased with the proceeds of leverage, which means that common shareholders effectively bear the entire management fee.

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the data shown.

Footnotes

1The current distribution rate is calculated as the most recently announced distribution annualized and divided by the market price per share on the date set forth above. Distributions are intended to be paid from net investment income; however, distributions may be funded from any source including return of capital.

2To assist the Trust with the goal of more stable distributions, the Trust may distribute more or less than the amount of the net investment income earned in a particular period. There is no assurance the Trust will pay regular distributions or that it will do so at a particular rate. Distributions may be paid by the Trust from any permitted source and, from time to time, all or a portion of a distribution may be a return of capital.

3Rockford Tower Asset Management, L.L.C. assumed portfolio management responsibilities for the Trust on July 30, 2026. Any fund performance dated prior to July 30, 2026, is reflective of the prior sub-adviser.

4After the close of trading on March 20, 2026, the Trust executed a 1-for-5 reverse stock split. As a result of the reverse stock split, every five (5) Common Shares issued and outstanding were automatically combined into one (1) issued and outstanding Common Share.

The Trust changed its name to the XAI Floating Rate & Alternative Income Trust. The Trust will continue to trade under the Ticker: XFLT.

Resources

Literature & News

Fact SheetProspectusSAINewsWebinarsGovernance Committee CharterAudit Committee Charter

Tax Information

Tax Q&A2026 Tax Basis Report2025 Tax Basis Report2024 Tax Basis Report2022 Tax Basis Report2021 Tax Basis Report2020 Tax Basis Report2019 Tax Basis Report2018 Tax Basis Report

Fund Reports

Annual ReportSemi Annual ReportQuarterly FinancialsQ1 Portfolio Holdings
Q3 Portfolio Holdings2026 Proxy StatementSEC FilingsForm N-PX
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