The following is a summary of the XAI Octagon Floating Rate & Alternative Income Trust (XFLT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Octagon Credit Investors manages assets worth $34.6 billion at the end of 2023, growing to nearly $600 million in total managed assets by Feb 2023.

• XAI raised $25 million in common assets through a private placement.

• XFLT's distributions for the fiscal year were fully sourced from net investment income, without any return of capital.

• The Trust achieved net investment income of $0.27 per share, surpassing the distributed amount of $0.255 per share in Q4 2023.

• Almost 2.3 million shares were issued yielding net proceeds of approximately $15.7 million.

• Noted high average current yield percentages on market price across CLO debt, loans, and bonds.

• Quarter end net asset value rises from the previous term to hit $6.88 per share, with a current premium of 2.9% and average premium since inception at 3.42%.

Business Progress:

• XFLT tranche of convertible preferreds secured to maximize income.

• New appointment with Bill Meyers added to the Board of Trustees.

• Generali Group's planned acquisition of Octagon gains shareholder approval.

• Envisaged growth in fund scale to better manage fixed expenses to benefit shareholders in future.

• Strong market performance in loan and CLO tranche markets in 2023 recorded alongside positive loan borrower performance.

• Despite an expected rise in credit losses, the Trust is well-positioned due to profits from high levels of CLO market activity.

• Firm commitment to active investment management noted as a key strategy in the prospective performance of the Trust.

More details: XAI Octagon FR & Alt Income Term Trust IR

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