{"id":978388,"date":"2026-07-02T17:33:42","date_gmt":"2026-07-02T21:33:42","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/bulldog-investors-urges-shareholders-of-xflt-to-vote-no-at-special-meeting\/"},"modified":"2026-07-02T17:33:42","modified_gmt":"2026-07-02T21:33:42","slug":"bulldog-investors-urges-shareholders-of-xflt-to-vote-no-at-special-meeting","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bulldog-investors-urges-shareholders-of-xflt-to-vote-no-at-special-meeting\/","title":{"rendered":"Bulldog Investors Urges Shareholders of XFLT to Vote No at Special Meeting"},"content":{"rendered":"
\n

SADDLE BROOK, N.J., July 02, 2026 (GLOBE NEWSWIRE) — Bulldog Investors, LLP, a significant shareholder of XAI Floating Rate & Alternative Income Trust (NYSE: XFLT), holding 310,000 shares, announced today that it intends to vote against a new sub-advisory agreement at the July 30th<\/sup> special meeting of shareholders unless and until the Board of Trustees agrees to provide an opportunity for shareholders to monetize their shares at a price close to net asset value (NAV).<\/p>\n

For background, XFLT initially sold shares to investors in 2017 at a price (adjusted for a recent one-for-five reverse stock split) of $50 per share. Notably, XFLT was structured as a \u201cterm trust\u201d that was slated to be to wound up on or about December 31, 2029. The purpose of a term trust is to guarantee investors that they will receive NAV at a predetermined point in time. However, in December 2023, with XFLT\u2019s shares trading at a premium of about 5% above NAV, the Board, in a \u201cbait and switch\u201d move, persuaded shareholders to vote to convert XFLT to a perpetual fund.<\/p>\n

At the same time, the Board urged shareholders to approve a new investment sub-advisory agreement with Octagon Credit Investors because of what it viewed as Octagon\u2019s impressive investment performance and \u201cexperienced team of investment professionals [that] has worked together for many years and managed funds through multiple credit cycles over Octagon\u2019s 29-year history.\u201d Shareholders dutifully approved both proposals.\u00a0<\/p>\n

Fast forward to today. XFLT\u2019s stock price has collapsed to about $17.65, down 65% from its IPO price and more than 50% from its price of $37.50 price in December 2023. Moreover, the premium that existed when the Board persuaded shareholders to do away with XFLT\u2019s fixed term has turned into a discount of more than 20% below NAV. The Board\u2019s response to this dismal performance is to replace Octagon with another sub-advisor that it hopes will do better. However, the Board has failed to take responsibility for the ill-advised elimination of XFLT\u2019s term trust structure that assured shareholders they could eventually monetize their shares at NAV instead of having to sell them in the market at a steep discount.<\/p>\n

The shareholder vote on the Board\u2019s proposal to approve a new sub-advisor is a referendum on the Board itself. If shareholders do not approve the new sub-advisory agreement on July 30, 2026, that will indicate they have lost confidence in the Board\u2019s judgment, in which case XFLT should be wound up as promptly as possible. In a liquidation, shareholders stand to gain about 30% more than they would get today by selling their shares in the market.<\/p>\n

Phillip Goldstein, a managing partner of Bulldog Investors, stated: \u201cThe buck stops with XFLT\u2019s Board of Trustees. As they say, \u2018Fool me once, shame on you; fool me twice, shame on me.\u2019 Unless and until the Board indicates that it will provide an opportunity for shareholders to monetize their shares at a price close to NAV, we recommend that shareholders vote against the proposal to hire a new sub-advisor. If that proposal fails, it will send a clear message to the Board that merely replacing one sub-advisor with another is insufficient and the Board needs to take steps to promptly liquidate XFLT\u2019s assets and distribute the cash to shareholders.\u201d<\/p>\n

\n About Bulldog Investors, LLP: <\/strong>Bulldog is an SEC-registered investment adviser that manages closed-end funds and separately managed accounts. (www.bulldoginvestors.com<\/a>)<\/p>\n

Contact: Phillip Goldstein (914) 260-8248 \/ pgoldstein@bulldoginvestors.com<\/p>\n

\"\"
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\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

SADDLE BROOK, N.J., July 02, 2026 (GLOBE NEWSWIRE) — Bulldog Investors, LLP, a significant shareholder of XAI Floating Rate & Alternative Income Trust (NYSE: XFLT), holding 310,000 shares, announced today that it intends to vote against a new sub-advisory agreement at the July 30th special meeting of shareholders unless and until the Board of Trustees agrees to provide an opportunity for shareholders to monetize their shares at a price close to net asset value (NAV). For background, XFLT initially sold shares to investors in 2017 at a price (adjusted for a recent one-for-five reverse stock split) of $50 per share. Notably, XFLT was structured as a \u201cterm trust\u201d that was slated to be to wound up on or about December … <\/p>\n

Continue reading “Bulldog Investors Urges Shareholders of XFLT to Vote No at Special Meeting”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-978388","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBulldog Investors Urges Shareholders of XFLT to Vote No at Special Meeting - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/bulldog-investors-urges-shareholders-of-xflt-to-vote-no-at-special-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bulldog Investors Urges Shareholders of XFLT to Vote No at Special Meeting - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SADDLE BROOK, N.J., July 02, 2026 (GLOBE NEWSWIRE) — Bulldog Investors, LLP, a significant shareholder of XAI Floating Rate & Alternative Income Trust (NYSE: XFLT), holding 310,000 shares, announced today that it intends to vote against a new sub-advisory agreement at the July 30th special meeting of shareholders unless and until the Board of Trustees agrees to provide an opportunity for shareholders to monetize their shares at a price close to net asset value (NAV). 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